The Top College Savings Cheat Sheet

We're talking about 529 college saving plans, which are named for the IRS tax code that created them. With a 529, you can save for college tax-free, as long as the money is used for higher-education expenses. Despite this huge tax advantage, 529 plans are still overlooked -- only one in four parents saving for college are putting money in a 529, according to a recent survey by lender Sallie Mae.