Issues concerning new tuition savings plans are considered, along with illustrations from four plans. A prepayment model plan and an update on federal legislation affecting savings plans are also presented. Financial issues for families, tax issues, and financial issues for colleges are covered. The idea behind parental savings plans is to allow parents to "purchase" higher education at today's prices for use in the future while achieving some tax benefits. The more restrictive the policies for use and the greater the withdrawal penalties, the less financial risk there is to the plan. Key features of savings plans at Calvin College and Duquesne University and state savings plans in Michigan and New Jersey are considered. In addition to a brief overview of the plans, information is provided on purchase amounts, eligibility, price, corporate structure, withdrawal features, investment risk, transferability, and operational status. Also examined is a model plan developed by the National Forum for College Financing Alternatives. The effects that proposed tax reforms at the federal level would have on the attractiveness of college savings proposals are also addressed. (SW)