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Choosing the right college savings program may be the first step in managing future student loans.

In a recent column for MarketWatch.com, finance writer and entrepreneur Jennifer Openshaw offered advise on how to find the right 529 plan based on a student’s needs and location. This type of program is similar to a 401(k) and can offer a mix of stocks, bonds and other investments.

Those researching a 529 plan may be attracted to the tax benefits they come with. Openshaw suggested that consumers calculate these carefully, comparing their state’s income tax with the size of their tax-deductible contributions. Savings plans with the highest returns will prove the most beneficial over time.

Looking at tax benefits in other states can also be helpful. Parents should also consider the concentration of investments place in stocks, which can prove risky in a volatile market. The report recommended reducing this concentration as students approach college. Most importantly, individuals should carefully review all their options.

"Like dating, it’s hard to find the perfect match," Openshaw wrote. "But unlike dating, when it comes to college savings, you can usually mix and match within a particular state’s program."

All 50 states and the District of Columbia sponsor at least one kind of 529 plan, according to the Securities and Exchange Commission. These can include pre-paid tuition plans and college savings plans.