With the rising cost of college education and the burdens of student loan debt, it's more important than ever to start saving early for your child's college education. If you haven't begun to explore tuition-saving options, May 29, 529 College Savings Day, is a great day to start. More than 30 states in the U.S. are celebrating, raising awareness, waiving 529 plan enrollment fees, offering scholarships and more.

In case you don't already know, 529s are state-administered tax-advantaged investment plans designed to encourage saving for a child or grandchild’s future college education. The increasingly popular plans can be used at almost any accredited college or university in the U.S., and all withdrawals for qualified education expenses—tuition, room and board, fees, books and supplies—remain free from federal income tax. While it's never too late to start a 529 plan, the earlier in your child's life you do, the more interest accrual you're likely to gain.

Some advantages of 529 plans, from the College Savings Plan Network:

• All money grows free from federal and state income tax.
• Account holders have the option of choosing a prepaid tuition plan or a college savings plan.
• The account holder retains control of the assets within the program regardless of the beneficiary’s age.
• Although nearly every state offers a 529 plan, you don’t have to go with your own state’s plan.
• Most plans have low minimum monthly contribution limits, some as low as $15, making it viable for families of all income levels. 

For more information on 529 plans and to find out which College Savings Day events are taking place near you, visit the College Savings Plans Network website.  

Do you have a 529 plan for your child? Have you started saving for your child's college tuition? Let us know in the comments below!