Nearly 75% of Americans are missing out on an easy way to save for college — here's what every parent should know

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College is expensive — that's obvious.

What's not obvious is how to cover these costs. According to a recent survey from financial services firm Edward Jones, 72% of Americans aren't aware of the 529 college savings plan, a state-sponsored, tax-advantaged investment account that anyone can use to cover tuition, fees, books, and supplies.

Even if you've heard the words "529 plan," there are a ton of advantages they provide that you may not know about. Read on to learn how to make the most of a 529:

529s aren't just for traditional college — or limited to tuition

"One of the best things about a 529 is that it's so flexible," says Michael Egan, CFP and founding partner of financial planning firm Egan, Berger & Weiner. "You can use it for undergraduate or grad school, or even for technical school or trade school, to pay for tuition, fees, and books."

Anyone can open and contribute

A parent, grandparent, godparent, particularly generous neighbor, or anyone else can open a 529. Likewise, anyone can contribute to one and take the appropriate tax deduction.

Another family member can use the money

While the adult who opens the plan is the plan's owner, the beneficiary is the person who receives the money — and it can be changed.

If one child decides not to go to school, goes to a cheaper school than expected, gets a full scholarship (more on that in a minute), or for some other reason doesn't use all of the money, you can simply change the beneficiary on the account and give those funds to another child … or even to yourself, if you'd like to go back to school.