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To help you choose the best college savings option, here's how each plan stacks up in the categories that matter most.

529 COLLEGE SAVINGS PLAN

Maximum contribution:

Annual: Typically, none. But if you contribute more than $14,000 in any given year, you'll trigger gift taxes.

Lifetime: As much as $300,000 in many plans.

Tax treatment:

Federal: Tax-deferred growth, tax-free withdrawals for college expenses.

State: Many states provide tax benefits to residents using their plan.

Financial aid impact: Maximum of 5.64% of value will count against you.

Restrictions on withdrawal and spending: Withdrawals must cover qualified higher education expenses.

Potential problems: Limited investment options. Some states funds have comparatively high expense ratios.

529 PREPAID TUITION PLAN

Maximum contribution:

Annual: Typically, none. But if you contribute more than $14,000 in any given year, you'll trigger gift taxes.

Lifetime: Up to $220,000 in some plans.

Tax treatment:

Federal: Tax-deferred growth, tax-free withdrawals for tuition.

State: Many states provide tax benefits to residents using their plan.

Financial aid impact: Maximum of 5.64% of value will count against you.

Restrictions on withdrawal and spending: Withdrawals only cover tuition.

Potential problems: Someplans are facing financial difficulties and may not have the funds to meet their obligations.

Most prepaid tuition plans require either owner or beneficiary of plan to be a state resident.

PERMANENT LIFE INSURANCE

Maximum contribution: None.

Tax treatment:

Federal: Tax-free access to the cash value of your policy.

Financial aid impact: These assets are not counted against you in financial aid.

Restrictions on withdrawal and spending: None.

Potential problems: High fees; lose money if withdrawals are made within the first few years.

ROTH IRA

Maximum contribution:

Annual: $5,500.

Lifetime: Depends on income.

Tax treatment:

Federal: Tax-deferred growth, and tax-free withdrawal of contributions if used for college. Earnings can be withdrawn tax-free after you turn 59 1/2.

Financial aid impact: These assets are not counted against you in financial aid.

Restrictions on withdrawal and spending: None (10% early withdrawal penalty waived for qualified higher education expenses).

Potential problems: Earnings are subject to income tax and withdrawals can impact future financial aid eligibility.

NEXT: What's the best 529 savings plan for you