Bean and his wife have control because of the conditions set on the account. For instance, the couple explains to their nieces that a quarter of the funds is for their first year of college. "We expect you to get a four-year degree," Andy Bean says they tell their nieces.
"The goal of college is really a family goal for that youngster," says Paeglis. "All of the savings coming from multiple individuals helps make college affordable."
Trying to fund your education? Get tips and more in the U.S. News Paying for College center.