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Although student loans, scholarships and financial aid can certainly pay tuition bills for a university education, college savings plans offer parents a jump start to save prudently for college years in advance.

Across the country, many states offer investment programs — also known as 529 tax-advantaged plans — for parents interested in saving and investing manageable amounts of money to help pay for a child's education at a two- or four-year institution.

Through 529 plans, account holders can withdraw money and use it for higher education costs without having to pay federal income taxes on the amount, according to College Savings Plan Network, a clearinghouse of information from state-administered college savings programs.

At Windsor Knolls Middle School in Ijamsville last month, Jo Ostby of College Savings Plans of Maryland, an independent state agency that administers 529 investment plans, discussed the state's plans with a small group of interested parents.

College Savings Plans of Maryland (www.collegesavingsmd.org) offers two types of college savings programs that include federal and state tax incentives and are backed by a guarantee from the state legislature.

The plans allow parents, guardians or relatives to open a prepaid college trust plan or an investment plan managed by T. Rowe Price with no sales commissions and enrollment fees. Account holders designate the student as the beneficiary for either plan and funds can be used at any public or private university in Maryland or another state.

For the prepaid college trust plan, parents choose among three tuition plans according to the number of semesters or years the student wants to spend in college. Parents then have the option to contribute a lump sum of tuition in weekly, monthly or annual increments.

College Savings Plans of Maryland offer 13 different investment plans or portfolios of stocks, bonds and mutual funds that become more conservative in risk as the student approaches college age.

Tuition plans and payment options can be changed at any time and the money is refundable in case of the death or disability of the student, Ostby noted.

Parents and students can also delay using the funds for up to 10 years after the student graduates from high school. Students are able to use the funds for part-time or graduate study.

Headquartered in Baltimore, College Savings Plans of Maryland is a nonprofit state agency that administers both of Maryland's state-sponsored 529 plans. The mission of the agency is to allow Maryland families to start saving for college early and reduce their dependence on college loans.

An information session on the plans is scheduled for 7 p.m., Jan. 12, at West Frederick Middle School, 515 W. Patrick St., Frederick.

College saving tips:

Try to save for one-third of expected college costs

Start saving early (by the time the child is in kindergarten) in small amounts

Save regularly on a weekly, monthly or yearly basis

Set up a separate savings account or college savings plan

Source: www.finaid.org