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A growing mountain of student debt is impacting more people than ever before. Nationwide, around 45 million borrowers now owe more than $1.5 trillion in student loans – the second highest consumer debt category behind mortgage debt.

Avoiding monumental debt loads and college tuition sticker shock may be possible by saving early, planning ahead, and making smart choices. The Illinois CPA Society suggests some options for covering education-related expenses down the road.

529 Education Savings Plans

Also known as qualified tuition plans, 529s are tax-advantaged savings plans sponsored by states, state agencies, or educational institutions and authorized by Section 529 of the Internal Revenue Code to encourage education savings. Contributions to an Illinois 529 plan by an individual of up to $10,000 per year or up to $20,000 per year by a married couple filing jointly, are deductible when calculating state taxable income.