How easy is it to get your money out if your child gets a scholarship or something?
there are some conditions in which you can get your 529 money back without penalty (eg, kid dies or becomes disabled, gets a scholarship or decides not to go to college.). Otherwise, if you pull the money out for non-college tuition purposes, you pay taxes on the investment gains plus a 10% penalty.
I think you can assign other children or grandchildren to be beneficiaries if it doesn't work out for one child, but not sure...I haven't opened a 529 yet...just done some cursory research.
If the job market continues to be stagnant for college graduates, I am not sure how these tuition rates will continue to go up.