Typically established by parents or grandparents on behalf of a child or grandchild, 529 plans are designed to help you save for future college expenses and take advantage of potential tax savings. Before you invest, make sure you’re willing to keep the funds in the account for the long run, as you may be charged fees if you need to make an early withdrawal. Be aware, however, that a 529 plan may affect the ability of a student to qualify for financial aid based on need.