College 529 plans can help meet expensesduring a student’s postsecondary years, but they don’t have tocover all costs to help families’ financial situations.

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That’s one of the findings in a report by 529 plan administratorAscensus College Savings, which administers more than 3.5 million529 plan accounts, representing more than 27 percent of the total529 accounts administered across the nation. The company providesservices for 31 plans across 17 states and ranks first among 529plan managers.

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Ascensus also reported that 529s are predominantly used to savesteadily during a beneficiary’s childhood.

The average balance across all accounts, it said, was $20,070,suggesting that families are using 529 plans to build a foundationto partially fund postsecondary education, even if they aren’tcounting on those accounts to pay for the whole expense.

More than 75 percent of the contributions to 529s during 2015were $200 or less, 61 percent of accounts had annual contributionsof $2,000 or less and almost 77 percent of accounts hadcontributions of $4,000 or less. Fewer than 4 percent of accountshad total annual contributions of $14,000 or more—indicating thatmost families “are saving modestly and progressively over timerather than in larger lump sums.”

In 2012, more than $21 million in Ugift contributions were madeto Ascensus College Savings 529 accounts. In 2015, this amountincreased by 299 percent to over $87 million in Ugiftcontributions.

In addition, it found that strategic and modest withdrawalsthroughout a student’s education appears to be lessening relianceon loans. Seventy percent of withdrawals from 529 accounts thataccount owners identified as qualified were for $5,000 or less.

That reduced reliance on loans could have major implications forretirement planning if it allows students—or their parents—to beless in debt once college days have ended, since student loans havean impact not just on the graduate but also on parents who may havetaken on debt to help out with tuition.