With the Kansas Schwab 529 College Savings Plan, account earnings can grow tax deferred.  There are federal tax free withdrawals when the money is used for qualified education expenses, such as tuition, fees, books, room and board.  This plan features higher contribution amounts than other types of education savings accounts. There is no gift tax incurred  for contributions up to $65,000 ($130,000 per couple) for each benificiary in a single year.  There is a minimum of $1,000 to open this account.