Should You Supplement Your Traditional 529 with a Private 529 College Plan?

When it comes to the college savings conversation, I usually stick with suggesting the traditional 529 plan when helping people choose the right savings and investment vehicle for the goal of funding higher-education costs.

Being in New York gives my in-state clients a great plan right off the bat -- and plenty of people from out-of-state use New York's 529 plan, too, because of its investment options. The fact that our 529 plan is already so good didn't give me much reason to look for alternative solutions.

Not to mention, I'm generally wary about alternatives, like prepaid state tuition plans, because they typically lock you and your student into a state school*. That could be fine if your student is absolutely set on attending an in-state university ...