529 college savings plans have become more prevalent than student loans among undergraduates, yet their educational impacts remain largely unexplored. This paper examines how wealth gains in 529 plans shape educational opportunities using a shift-share IV approach that exploits variation in target-date fund designs within these plans. Contrary to existing literature suggesting minimal effects of household wealth on college attendance, I find that 529 wealth gains are remarkably effective at increasing four-year college attendance, matching the impact of targeted grant aid per $1,000. These wealth gains also reduce student loan borrowing and boost private K-12 school enrollment. However, 529 wealth gains accrue disproportionately to upper-income households, exacerbating the four-year college attendance gap between students from the top and bottom income quartiles by 16% in 2023.