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05/09/2014 10:46 am ET Updated May 09, 2014

5 Smart Moves For Grandparents Helping Save For College

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Utah grandmother Mary Gayle Osterloh set up 17 of the tax-advantaged college investment accounts known as 529 plan accounts for all of her grandchildren. Each grandchild gets an equal amount, regardless of age.

She initially feared if her grandchildren knew they had this money available, they wouldn’t try to earn scholarships. Her results were unfounded. She’s had grandchildren earn scholarships and they’ll then pass along remaining funds in their account to their own children.

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