With tuition costs on the rise, employees looking for ways to pay for their children's college education can save with 529 plans.

A 529 plan is a tax-advantaged savings plan that encourages parents or guardians to save for a child's college education. Phil Chandler, a financial adviser for Edward Jones, says the tax-free gains feature is the primary driving force behind the popularity of 529s. Previous products did not allow this aspect to be used for higher education.

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