As the cost of college education continues to soar, so does the popularity of Section 529 college savings plans, state-run programs that enable families to save tax-free for their children’s college expenses. One forecast estimates that American families will invest more than $400 billion in these plans by 2010.

Every state now offers at least one 529 plan. Each plan has its own set of fees, regulations and tax advantages. This may leave Iowans wondering where their best college investment option resides. The answer is easy — College Savings Iowa.

Consistently named one of the country’s best 529 plans, College Savings Iowa is among the lowest-cost, highest-value plans offered today. Many 529 plans have recently come under fire for high fees and commissions that can override the tax benefits parents hope to receive from these plans. College Savings Iowa is one plan that stands out as a true savings tool for parents.

The plan has an expense ratio of only 0.65 percent, and account holders pay no other fees. What’s more, Iowans reap the benefits of additional state tax deductions when they invest in College Savings Iowa.

For example, Iowa residents can deduct up to $2,290 of their contributions (adjusted annually for inflation) from their adjusted gross income for each child they are saving for with College Savings Iowa. This tax benefit extends to each parent. Therefore, a married couple saving for two children could deduct up to $9,160 from their Iowa taxes.

In addition, the money grows state and federal tax-free. And withdrawals are federal and state tax-free if used for qualified educational expenses. (Unless extended, the federal benefit will expire Dec. 31, 2010. The state tax benefits are not subject to this sunset.)

As state treasurer of Iowa, I believe College Savings Iowa is the best value for Iowa savers, and the experts agree. The program has been named among the best of its kind by Money magazine, Kiplinger’s Personal Finance, Business Week and MSN Money.

My office, which administers College Savings Iowa, has teamed with the top experts in the 529 industry to elevate this plan to the status it enjoys today. Contributions to College Savings Iowa are invested in one of 12 options designed for the program by the Vanguard Group, one of the world’s largest mutual fund companies.

On Wednesday, I will announce yet another partnership with a nationally recognized company, UPromise Investments Inc.

At 12:30 p.m. in front of the Valley West Mall Eddie Bauer store, UPromise President Jim Fadule and I will talk to Iowa families about how UPromise — which helps families save for college via everyday purchases at their favorite stores — will make College Savings Iowa an even better program.

Since its inception, College Savings Iowa has allowed anyone to contribute to a child’s college savings, whether they are a parent, grandparent or friend. UPromise allows the same opportunities, encouraging members to get their friends and family involved in the free program.

Iowans can take advantage of the state tax deductions College Savings Iowa offers yet this year by opening and contributing to an account before Dec. 31. For more information on College Savings Iowa, visit our Web site at www.collegesavingsiowa.com or call (888) 672-9116.

Michael Fitzgerald is state treasurer of Iowa and administrator of College Savings Iowa.