ROCHESTER, N.Y. — The stock market plunged on Monday, leaving many people holding their breath as they checked their 401(k)s. But when it comes to investing for the long-term, like saving for your child’s college education, financial experts say you can’t be rocked by short-term setbacks.

According to the National Center for Education Statistics, the average cost of college in New York is about $24,000 a year. That’s a whopping $96,000 for a four-year degree. Most folks pay for at least part of that expensive education with loans. The U.S. Department of Education says the average student loan debt in New York is more than $38,000.

Financial experts say one of the best ways to save for your kids’ college education is a 529 plan, because of the tax benefits.

“A 529 account is a tax advantage savings account that can be used to pay for qualified higher education expenses. The way that it works is that earnings in the account grow federally tax deferred and as long as they’re used for a qualified expense, the withdrawals in the account are federally tax free,” said Cory Latham.

While it’s called a savings account, you’re actually investing in the account.

“You’re not able to invest directly in stocks and bonds, but there are different portfolios within the account,” Latham told News10NBC’s Deanna Dewberry.

Some 529 plans allow you to be more aggressive while others are more risk averse. You can pick them depending on the age of your child.

“There are all sorts of 529 plans, and they have a wide variety of what you can invest in. So one of the things that you did mention are sort of those time horizon ones that are set to be used over a certain time. So, what we use in those accounts is that they tend to be more risky when you have a longer term investment and that investment will change over time and become more conservative when you need the funds,” Latham said.

Experts stress it’s never too late to start saving. Even if your kiddo is in high school, the little you save now will be money you don’t have to borrow later.

Click here for a guide to saving for college and 529 plans.

Click here for advice from Nerd Wallet, and click here for advice from Fidelity.

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