The 529 plan, specifically the prepaid tuition plan, is an amazing option here. Another user has already pointed this out, but I want to add personal direct exp

The 529 plan, specifically the prepaid tuition plan, is an amazing option here. Another user has already pointed this out, but I want to add personal direct experience. We used the 529 plan for our daughter, who will go to college in a few years. Let's say 5 for the purpose of the math. At this year's price her 4 years of college tuition will cost her ~ $48k. This total expected to go up around $10k every year before she gets to college (around $2k annual tuition rise, over 5 years). So if we paid her tuition when she went in five years, we would pay $20k, $22k, $24k, $26k, for a total of $92k. Instead we pay $50k now, and are guaranteed to not have to pay any additional tuition costs, for a savings of $42k. The tax deferment might be another $8k (spitballing). Which means the using a 529 plan now you can send two kids to college in 5 years for the price of sending one to college in 5 years and paying for it then. Yes, there are risks. * They may want to go to a private school, or out of state. The money isn't lost, but you don't get the guarantee either. You just get the money applied to the tuition. * Tuition prices may come down and stay down. They haven't yet, and it seems unlikely without major upset. They might come down over the next year, but I suspect they'll go back up. * Universities may become free, or become extinct in their current form. With any forward-looking investment there is a risk of a true disruption that completely changes the landscape. This would be such a huge change that it's not likely to completely happen within the 9 years until she would graduate, if it happens at all.