Of course, the main advantage of investing in any of these 529 college plans is the tax benefits that you will get. For example, if you invest in a 529 college savings plan, you do not have to pay taxes on the earnings of the investment that you will make. Should your child decide to not go to college, the benefits can be transferred or assigned to another family member so the investment will not go to waste. Also, the person who initiated the account gains control of the assets no matter what the age of the beneficiary is, so it is a pretty secure investment no matter which way you look at it. Finally, if your child would not need the money when he or she goes to college due to a scholarship program, the investment can be withdrawn and you would only have to pay for the taxes without being subject to penalties. With all these benefits and more, 529 college plans are indeed a great way of saving up for your children’s college expenses so that you can start investing on their future as well. More about Virginia 529.