The cost of going to college continues to get more expensive every year. According to the College Board, higher education costs increased about 3% from last year and as much as 40% from 2005. For example, the annual cost to attend Harvard University as an undergraduate student was $40,000 in 2005, but now carries a $60,000 price tag. 

As a result, it's become more important for families to prioritize saving for their children's education. One particular vehicle that could be advantageous for saving for college is a 529 plan.