Q We felt pretty pleased with ourselves for getting our 529 college savings plan set up within a month of having our baby. Because we know that Minnesota doesn't have anything worthwhile for matching funds, we went with a financial adviser who works with my family in Nebraska. We didn't fully understand what we were getting into. We paid about $200 to open the accounts, and I have been putting $250 a month into the most high-risk account, as we have many years before college. But we're being charged a 5.75 percent sales fee for every deposit, or about $15 a month. This seems steep to us. Can you recommend a 529 plan that has lower fees?

ROBIN

A The Pension Protection Act of 2006 made the 529 the college savings plan of choice. It is funded with after-tax dollars, but withdrawals from 529s are tax-free when the money goes toward qualified educational expenses such as tuition. What's more, the sums invested in 529 plans aren't considered a student asset in the financial aid formula calculation. You can invest in a 529 plan in your state or any other state, and the savings can be used at any accredited college, university or vocational school -- public or private.

And anyone can contribute to your child's account, including grandparents, relatives and friends.

That said, you're right -- you're paying too much in fees. Participants in Minnesota's 529 plan only pay an annual fee of 0.65 percent on the assets in their accounts. You can learn more about the Minnesota plan, its fees and investment options at www.mnsaves.org. If that's not the right plan for you, a good source of information about the college savings market that offers detailed information for comparing different plans around the country is www.savingforcollege.com.

Chris Farrell is economics editor for American Public Media's weekly "Marketplace Money" program on public radio. He lives in St. Paul. Send questions to: cfarrell@mpr.org, or to kaching@ startribune.com, and put "Your Money" in the subject line.