As a parent or guardian, saving for higher education comes with a price yet many options are not known. The 529 plan definitely steals the show but you do have other choices to go for when saving for college for students.

UGMA/UTMA
This custodial financial saving account can be opened by parents under the Uniform Gift to Minor Act or Uniform Transfer to Minor Act. This lets you save money that has not been taxed and can be used for purposes apart from a college education. UGMA/UTMA accounts are a great way of saving for college for students they have a low child tax rate. These accounts are not typically designed for college but let you save and use them as per your discretion. Yet the withdrawals are taxed which is quite nominal. And since the balances in these accounts are assets, receiving financial aid can be a tough proposition. And as the child starts pursuing a college education, the funds are owned by him/her to use as when needed.

Mutual funds
Another strategy that may interest you is getting into equity investments, which would need you to get some professional help. Mutual funds are a great way to save money, despite its volatile market-dependent nature. You are ideally investing your money in diverse stocks and securities to get some potential returns in the longer run. Essentially this will create opportunities to grow your existing money by investing in stocks, bonds, securities.

Bonds
Next is the Education bond program that lets you reap the interest benefits completely tax-free as when the bonds are redeemed for higher studies. This program is applicable to Series EE ones and not HH ones. They are considered to be the safest investment with decent returns and you can stay rest assured that it does not get affected by the market vulnerabilities. Another financial product that you can invest in is the zero-coupon bond. They are also a safe investment for they offer fixed returns on investments. As when you invest in an Education bond program, the tax can get exempted only when the owner uses both interest and principal to sponsor college education.

Coverdell ESA
Coverdell ESA is another tax advantage financial investment that one can consider while saving for future education expenditures. This financial account lets your money grow without any tax hassles and one can easily withdraw without any tax charges. You also have the complete freedom to invest as much you want and must be made in cash.

IRA
Roth IRA is another efficient financial strategy when it comes to saving for college for students and is an essentially a retirement account. This plan comes with tax advantages yet the earnings are taxed if withdrawn before a certain age. Rest assured, that your money will grow just like a 529 plan.

The eye-opening cost to educate a child is overwhelming, yet due diligence into the above mentioned financial products can immensely help when saving for college for students.