VALDOSTA — More than 112,000 Georgia families are saving for college through the state’s Path2College 529 Plan. This comprises 8.3 percent of households with children under age 18. On average, these families have nearly $35,000 in savings.

Path2College took a look at the numbers, and in the Valdosta area:

Number of Path2College 529 Plan account holders: 968

Average savings: $26,952

Percent of households with children under the age of 18 that are saving: 1.91 percent

September is College Savings Month in Georgia and across the nation, making it an ideal time for families to spend time on their financial planning.

Georgia Student Finance Commission President Lynne Riley said, “Families have used over $1.8 billion of their 529 Plan accounts to pay for education expenses. Our mission at the Georgia Student Finance Commission is to help students pursue higher education with the least out-of-pocket costs possible. As students head back to school, we encourage families to consider opening a 529 Plan account to take advantage of tax savings while planning for their future.”

Not sure where to start? Here are a few of the most commonly asked college savings questions and answers to help with your savings journey.

How much do I need to save?

The amount you should save depends on your child’s age, the type of school he/she plans to attend, living expenses and many other factors. Additionally, each family’s situation is unique, and only you can determine how much, where and when to save. To help families explore different scenarios with saving, Path2College has a College Savings Planning Calculator located under the “Learn and Plan” tab at www.Path2College529.com. Most importantly, don’t let college costs overwhelm you. Remember you don’t have to save 100 percent of the cost of college, but the more you can save the less likely you will need to rely on financial aid, scholarships, loans and other sources.

When should I start saving?

It’s never too early or late to save. Investing a small amount regularly over time will allow you to offset the cost of continued education. Contributions to a Path2College 529 Plan can be as little as $25, making the goal of saving small amounts over time achievable for many families.

What is a 529 college savings plan?

A 529 college savings plan offers a tax-advantaged way for families to save for college. The number 529 simply refers to a federal tax code section, Section 529, that provides federal tax advantages for saving. Investment earnings in a 529 plan grow tax-deferred, and withdrawals are tax-free as long as they are used for qualified education expenses, which can include tuition, room and board, fees, supplies and more at schools across the nation and abroad. Each state has its own 529 plan, and Georgia taxpayers who save in the Path2College 529 Plan may be eligible for a state income tax deduction up to $8,000 per beneficiary for those filing a joint return and up to $4,000 per beneficiary for those filing a single return.

For more information about the Path2College 529 Plan or to open a college savings account, please visit www.Path2College529.com or call (877) 424-4377.

Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Path2College 529 Plan.