Of all the investment options designed for college savers, one type offers the best mix of tax benefits and flexible investing options: a 529 plan.

According to the College Savings Plan network, the amount invested in 529 plans reached a new record of $227.1 billion in 2013. With half a million accounts opened in 2013 alone, the number of 529 plan accounts outstanding hit 11.6 million, meaning that the average 529 balance rose to a record $19,584.

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