OK, I have to admit that I'm pretty new to this area of "investing". I like what Dave Ramsey has to say about 529s. If you meet the income requirements, I would go for an "Education Savings Account" rather than a 529.
Here's what else I know about the ESA:
it grows TAX FREE
you can save up to $2000 per child, per year
If you don't qualify for an ESA based on your income, then only choose a 529 plan that leaves you in charge of the mutual fund choices. Some will limit your options to a couple of different mutual funds. Some will automatically change your investement types based on the age of your child - again out of your control and not necessarily what you would choose.
Are you speaking with a licensed tax/financial professional? What do they have to say?
This is a big decision and SO AWESOME of you to think about it. However, I wouldn't try to make this decision on my own. The risks are too steep for me (untrained) to do this without some local help.
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