The cost of college is wildly out of control and paying for your child’s educational expenses out of pocket is becoming more and more unlikely. To pay for college today, you need to plan as far in advance as possible and play smart with your funds.

Let’s start with why 529 plans are so popular, and why a 529 plan could be appropriate for some families. From a financial perspective, 529 plans offer tax-free growth when the funds are used for qualified educational expenses.