While many 529 college savings plans offer standardized glide paths that reduce risk as the child gets closer to college, these paths are one-size-fits all.

Today’s parents are borrowing record high student loans to cover their children’s college costs. In turn, many are struggling to repay the large balances, forcing them into longer repayment terms. Following a few key strategies should help them repay their student loans more quickly.

Parents of dependent undergraduate students can apply for a Federal Direct PLUS Loan to help cover the family’s share of college costs, beyond the financial aid package. Before applying for a Parent PLUS loan, it is important to understand how your credit history affects loan eligibility. Even if you do have bad credit, that does not mean you are automatically ineligible or unable to change that status.

One of the most effective ways to help a child save for college is by funding a 529 plan. Investments in a 529 plan grow tax-free and will not be taxed when the beneficiary uses the money for college. The gift giver may also qualify for a state income tax deduction or credit for 529 plan contributions, regardless of who owns the account.