Got a 4 year old and spent way more time on this subject than I wanted to. We do a couple plans. A Coverdell plan is like an IRA for saving for college. We contribute pre-tax dollars so it reduces our tax bill now. Biggest advantage is you can use it for any "educational expense" at any time. So we could even use it for paying field trips at daycare now, if we so opted. Gives a bit of flexibility if you are concerned that you might save a ton and end up with a kid who opts for no school since you could draw down the fund as high school progresses. Biggest drawback is contribution limits. Last years were $2,000 so it really won't help that much when you think about the numbers discussed above. We do that account with Schwab.

Our bigger plan is the GET. Great deal if you are looking at 17 years out. Works by you paying a big premium on the current cost of tuition. I.e. say a year at WSU (somehow the most expensive college in the state) cost $15,000 last year. Under the GET program, you pay $20,000 for a year's worth of credit. You assume that by the time you use it in 2027, a year at the highest cost state school will be more than $20,000. Thus, there is an age cutoff when it is not worth contributing to GET. Right now that cutoff is right around 13 years old. At that age, because you pay such a current premium for the future credits, it is unlikely you will make up your money and are better off looking at alternatives.

Once that happens, you need to look at 529 plans. Fortunately, I didn't have to look to much at those since there are hundreds of them each better or worse depending on which state you live in. Only consistent thing with 529's is watch your fees and costs if you do them, like all investments. Better off running those through Vanguard or some other no load and low fee brokerage. Good luck.