A common way to save for college costs is to set up a 529 savings plan. A 529 savings plan is a type of investment account that is specifically designed to help families save for college. The money in a 529 plan grows tax-free, and withdrawals are also tax-free if used for qualified education expenses. Also, 529 plans aren’t limited to your children. Have a niece, nephew, or other favorite little person you want to help save for? A 529 plan will work for them too!