Lightening the tuition load doesn't get much easier than with 529 plans, which allow families to stash college money in an account where it can grow and compound tax free. Named after a section of the tax code and offered through states, 529 savings plans encourage parents to start socking away money early.
"That's what they do better than just about any financial vehicle out there," says Jackie Williams, director of Ohio's 529 plan and spokeswoman for the College Savings Plan Network. "Think of a 529 as a road map for financing college."
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