I heard about this one only recently. Can you give me some idea about this plan ? What are the pluses and negatives. Is it a good idea to start college savings plan (529) for kids ? How much we have to contribute to it so that it will cover their university fees. Will financial aid or scholarships be affected by this account? To save my kids educational fund, should I invest in a 529 plan or just open a minor bank account? Will minor's bank savings account be considered while applying for scholarships or financial aid. Or is it better to save in parents name ? How to open an account for 529 or whom to contact? Is it good to consult a financial planner for getting better idea?