Nearly 75% of Americans are missing out on an easy way to save for college — here's what every parent should know

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College is expensive — that's obvious.

What's not obvious is how to cover these costs. According to a recent survey from financial services firm Edward Jones, 72% of Americans aren't aware of the 529 college savings plan, a state-sponsored, tax-advantaged investment account that anyone can use to cover tuition, fees, books, and supplies.

Even if you've heard the words "529 plan," there are a ton of advantages they provide that you may not know about. Read on to learn how to make the most of a 529:

529s aren't just for traditional college — or limited to tuition

"One of the best things about a 529 is that it's so flexible," says Michael Egan, CFP and founding partner of financial planning firm Egan, Berger & Weiner. "You can use it for undergraduate or grad school, or even for technical school or trade school, to pay for tuition, fees, and books."

Anyone can open and contribute

A parent, grandparent, godparent, particularly generous neighbor, or anyone else can open a 529. Likewise, anyone can contribute to one and take the appropriate tax deduction.

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Another family member can use the money

While the adult who opens the plan is the plan's owner, the beneficiary is the person who receives the money — and it can be changed.

If one child decides not to go to school, goes to a cheaper school than expected, gets a full scholarship (more on that in a minute), or for some other reason doesn't use all of the money, you can simply change the beneficiary on the account and give those funds to another child … or even to yourself, if you'd like to go back to school.

See the rest of the story at Business Insider