College savings plans are a great way to save for education. But not all college savings plans are great.
Most state-sponsored 529 college savings plans, which allow you to invest in a tax-advantaged account for future education costs, have improved significantly in recent years, says Madeline Hume, analyst for multi-asset and alternative strategies at investment research firm Morningstar. Plans have lowered fees, improved investment options and smoothed investment “glide paths” to reduce risk.
But not every plan is keeping up. In my latest for the Associated Press, which plans have been downgraded and new ones to consider.