Virginia has quickly become a leader in a nationwide trend of parents increasingly investing in state-managed funds that build up college savings tax-free.

Despite its popularity, the state is still trying to build awareness through a revamped Web site launched Tuesday at www.virginia529.com. The Virginia College Savings Plan, called a 529 plan, has been around for a decade and has already built up $24 billion in assets.

Virginia's 529 college savings investment funds, which anyone in the country can invest in, have grown to be the largest in the nation. The money in the plans can accumulate and be withdrawn tax-free as long as it is spent on education.

There are three 529 options in Virginia:

» Virginia Prepaid Education Program - allows people to lock in tuition costs for Virginia colleges at today's prices.

» Virginia Education Savings Trust - nine non-aged based and seven age-based funds that invest in a changing mix of stocks and bonds.

» CollegeAmerica - 22 American Funds mutual funds to choose from.

As of June 2006, CollegeAmerica was the nation's largest individual 529 fund, with $15.8 billion - a whopping $4.8 billion increase in assets from the year before. Investors must buy the funds, which are run by American Funds, through a financial adviser.

The VEST funds are mostly run by Vanguard Group. They include age-based funds, which first invest with a more aggressive mix of stocks and bonds and become conservative as the child approaches college age.

The state is preparing to roll out another program called Collegewealth, a partnership that will bring Virginia banks into the 529 process.