College Savings Plans are financial tools designed to help families save money for future education expenses. These plans often come in the form of 529 Plans, which allow individuals to invest money that grows tax-free when used for qualified education costs, such as tuition and books. There are two main types of 529 Plans: prepaid tuition plans and education savings plans. Prepaid plans let families lock in current tuition rates at specific colleges, while education savings plans allow for a broader range of investment options. Both types aim to ease the financial burden of higher education.