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Common Misconceptions About 529 Plans © (Getty Images) Woman with baby son working on laptop at home A college education is often one of the biggest investments a family will ever make, but awareness and misconceptions about 529 plans can hold them back from saving for education costs. Popular Searches 529 plans allow families and individuals to set aside money for educational expenses in a tax-advantaged account. But prospective students and their families may not realize the option even exists. You have to be aware of a program in order to use it, Theodore Miller, executive director of the New Mexico Education Trust Board, wrote in an email. Surveys indicate that only about 30% of families nationwide are aware of what a 529 plan is, and especially what it does.

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