You may also want to factor in other major expenses such as your children's tuition expenses for college or university. (termlifeinsurancemales.com)
Most scholarships are restricted to paying all or part of tuition expenses, though some scholarships also cover room and board. (finaid.org)
If you highly value education and the ability to choose, you could use your 529 plan to pay tuition expenses at private or religious schools (K - 12). (djhendersonsr.com)