(Bloomberg) -- Assets in college savings plans named for an obscure section of the Internal Revenue Service code hit a record this summer, totaling $266.2 billion. That’s up 5.1% from a year ago, when assets in the accounts stood at $253.2 billion.

Individual balances in so-called 529 plans also hit a record average, at $20,975, up 3.1% for the year. These latest national figures, as of June 30, cover a total of 12.7 million tax-advantaged education savings accounts, according to the College Savings Plans Network.

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