A couple of points I’d add here are that (a) in at least some states, you get a tax benefit for money you put into a 529 plan, and as a result (b) if your child is in college now, you can move money you’re anyway spending that year on tuition and other qualified expenses through a 529 plan to grab that benefit.

In Maryland, for example, you and your spouse can put in $5000/year/beneficiary, saving about $400/year/beneficiary in state and local income tax. Better yet, you can put in more than that, and carry over the benefit for up to 10 years. Thus, you can save up to $4400/beneficiary in taxes if you have to, say, pay $55,000 in tuition that year.