Only 13% of College Savers Are Using This Valuable Tool

College is becoming so expensive that even the country's wealthiest are struggling to afford it. But one reason why so many families resort to massive loans is that they don't save efficiently while their children are young. In fact, only 13% of those putting money away for college are utilizing a 529 plan, according to new data from Edward Jones, even though it's one of the most effective savings tools out there.

Just as surprising is the fact that only one-third of Americans know what a 529 plan is. If you're clueless about 529s, here's a quick education that might get you to change your college savings strategy.