529 College Savings Plan is a tax-advantaged way of saving for a higher education. Anyone (a parent, spouse, grandparent, other family member, friend, or you) can contribute to the Plan. The student uses the 529 account for qualified education expenses, such as tuition and room and board. The contributor (or account owner) has complete control over the account and can contribute no matter his/her income level. The contributor selects from a variety of investment options with varying rates of return.