What you need to know about the $1.3 trillion 529 plan, which would offer tax savings to some 529 college students

529 college plans are the kind of high-risk, high-reward plans that have fueled a steady stream of big investments.

These plans have attracted a lot of attention over the years, but they’re actually quite simple to set up and use.

Here’s what you need know about them.

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529 college college students often use 529 plans to help cover their college tuition.

The federal government currently covers the costs of 529 college tuition at no cost to students, but the states that make 529 college loans are also contributing money to help fund their plans.

Some 529 college loan plans also include tax-free withdrawals.

529 plan tax deduction: You can deduct your contributions to a 529 college education plan up to $5,500 per year.

529 loan deduction: 529 college graduates also can deduct up to half of their total loan payments from their federal income taxes.

529 student tax credit: You may be able to deduct up a quarter of your federal income tax on up to 50% of your student loan payments, up to a maximum of $2,500 in the 2017 tax year.

Some plans also give students a tax credit to help with their tuition.

529 plans are offered by a number of companies, including AIG, AIG Capital, Bank of America, Citigroup, General Electric, Hewlett Packard, J.P. Morgan Chase, Microsoft, Morgan Stanley, and Wells Fargo.

529 school tuition tax credit, loan forgiveness plan: Students can get a tax deduction for up to 40% of their tuition, up from 20% for undergraduates.

Tax-free student loan forgiveness: 529 loan forgiveness plans can help students who make federal student loans repay their loans.

Tax free repayment: You also can get free federal student loan refinancing, with the option to repay up to 75% of the cost of your loan, if you make $200,000 or more a year.

If you don’t, you can get loan forgiveness up to 60% of any loan payment.

Learn more about 529 plans 529 plan college students can also get a federal tax credit of up to 100% of tuition, plus up to 15% for interest, if they make more than $200 and $300,000, respectively.

The U.S. Department of Education offers 529 college financial aid.

College affordability: 529 plans can also help students find affordable college.

If they qualify, they can get help paying for college with scholarships, loans, or grants.

Learn how 529 plan scholarships work.

529 loans: Some 529 loan plans can provide borrowers with tax credits, including 529 student loans.

529 savings plan: 529 savings plans can offer loans to help students save for college.

529 education savings plan (ESSP): These plans offer loan forgiveness and help students repay their loan.

Learn about 529 college savings plans.

529 educational loans: This is an alternative to 529 loan repayment plans.

Learn all the ways 529 plans save money for students.

529 tax-exempt plans: This can offer an alternative form of tax-exemption for certain student loan borrowers.

Learn which 529 plan has the highest tax exemption.

529 income tax credit and tax deduction credit: Some states offer income tax deductions for student loan debt.

Learn if your state offers these credits.

529 child tax credit or refund: 529 student debt forgiveness or child tax credits can help you lower your student debt.

529 tuition tax deduction and credit: If you owe back taxes, 529 tuition refund may help you make your taxes go away.

Learn when 529 tax credits and deductions can help.

529 financial aid and credit program: 529 financial assistance is an extension of federal student aid.

Learn what the tax credits are and when they work.