College prices are rising, pushing potential parental contributions to the extreme and requiring students to take on more student debt. To address this, millions of parents have been putting money away for their children’s education in 529 college savings plans. These plans allow parents to put money into an account that grows tax-free. Money withdrawn from these accounts for qualified educational purposes is also not subject to taxes. The 529 college savings works by encouraging parents to save so their children can attend college without taking on excessive student debt.