Children grow up so fast. My son is 14 and is about to embark on his freshman year of high school. This is an exhilarating time for him… football games, pep rallies, proms, girlfriends, driving. Here is yet another example of where his excitement translates into my horror.

High school means that in four short years, he’ll be off to college. Mothers have all kinds of reservations when their youngins fly the coop. Will he remember to put on his seat belt every time? Will he remember to wash down the counter after prepping raw meats? Will he remember to pay the electricity bill? Will he remember that certain things that college kids experiment with, like binge drinking and unprotected sex, can be lethal? That and so much more. I am mother… it is my job to worry.

But not only do I worry about his well-being… I also worry about how I’m going to pay for his college education. He has long told me that he wants to be a medical researcher and that he wants to go to college in California. To me this equals… room and board, tuition, meal tickets, out of state fees, travel back and forth to home… do you understand my horror? It’s sticker shock!

Over the past year I have been reinforcing to him that high school is his time to shine. If he does well enough he can get a scholarship to pay for college. But scholarships are very competitive and they still won’t cover all of his needs. Getting a college education is expensive… and that is putting it mildly.

Since he was 5, I have been stashing money away in his 529 savings account. But there is not nearly enough in his account to pay for out of state fees. Out of state fees can sometimes be 3 or 4 times the cost of in state tuition. So either I have to increase my contributions or he needs to get a scholarship. Or else he’ll be forced to stay instate.

Because the cost of a college education can nearly be the same as the cost of buying a home, the IRS offers tax incentives to encourage parents to save for college. There are two qualified tuition plans which are authorized by Section 529 of the IRS Code. One is the prepaid tuition plan; the other is the college savings plan. Both plans have unique features and different eligibility requirements. This very detailed chart that I found on fool.com shows the comparisons.

I selected our state sponsored 529 college savings account many years ago for my son. And because I’d always planned to further my education, I also opened an account for myself as well. There are many options when choosing a 529 plan. There are more than 80 state sponsored college savings plans available. And nearly all of them are open to non state residents. They all offer both federal and state income tax benefits. And many of the plans have no set maximum contribution.

Which one should you choose? All of this information can be a lot to sort through. But Morning Star and Bankrate has simplified the process for us. Morning Star issued a best and worst list based on benefits and expenses. And Bankrate ranks the best performers based on investment return.

If you have children, start saving from day one. The cost of college is expensive. But preparing early and making use of a 529 plan can lessen the distress when the bills start piling in.