Funding a 529 plan is a great way to invest money for your child's college costs. It works kind of like a Roth IRA -- but for educational purposes. You can't deduct your contributions on your taxes, but you get tax-free growth and withdrawals, as long as the distributions are for IRS-approved education expenses.

But if you expect your child will qualify for financial aid, you may worry about the impact on their award. Read on to learn more.

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Source Fool.com