A 529 college savings plan appeals to many Americans who want to put away money for their children’s education expenses, as investments in these vehicles grow tax free.

In an annual exercise, Morningstar manager research analysts rate most of the 529 plan universe based on their assessment of each plan’s investment merits compared with those of their peers. This year, they reviewed 54 plans, representing $415 billion in assets as of August.

The 2023 ratings showed that standards across the industry have continued to rise since Morningstar began rating 529 plans in 2012. More and more plans have adopted some or more of the positive attributes in Morningstar’s rating methodology.