Your savings in 529 plans grow tax - free and can be withdrawn tax - free if the funds are used for qualified educational expenses like tuition, fees, and books. (asa.org)
It also only covers tuition, not other qualified educational expenses like room and board or books. (policygenius.com)
A 529 savings account is a savings account similar to a 401 (k), but the money can only be used on qualified educational expenses. (policygenius.com)