A 529 plan, also called a Qualified Tuition Program, is a tax-advantaged investment vehicle designed to encourage saving for the education expenses of a designated beneficiary (a minor or adult student). The funds can be used for qualified education expenses at all forms of college, as well as trade schools and K–12 private school tuition, and even apprenticeship programs. Parents and grandparents often establish these accounts to start saving early for offspring and enjoy compounding investment gains to pay for the hefty education bills anticipated. As with many investment vehicles, these plans favor clients with financial security who can set aside money for future needs and can withstand the volatility and risk of participating in investment markets.