In this economy, it's painful to watch your investments plummet, including the money you've put into 529 college savings plans for your children.

What should you do? Take your money out? Invest more while stock prices are low? 

Oregon's 529 plan has lost 25 percent of its value last year. Now they are looking at offering a plan like Washington.

In Washington, the state tuition is $7,600 a year. At a 5 percent per year inflation rate, that year of college would cost $11,750 a decade from now.

Families in Washington save substantially by locking in today's tuition rates through Washington's Guaranteed Education Tuition (GET) program, but many out of state 529 plans that are investment-based are in trouble, leaving parents stressed out and wondering what to do.

Joseph Connolly, who participates in an out-of-state 529 plan, is intent on saving money to send his four- and six-year-old boys to college, but the market's downward spiral isn't helping their college savings plans.

"Seeing the numbers, I had to call the company and say, 'Am I interpreting this information correctly?' and sadly, I was," he said.

His researched revealed a combined loss of $6,000. Connolly contemplated switching plans, but hasn't yet.

"When I looked at what a bath I've taken based on the earnings or lack there of, it didn't make much sense to liquidate and switch now," said Connolly.

While the temptation may be to bail out, most financial experts say you should do what Connolly did - sit tight. They say history shows the market will eventually bounce back.

"If you move too quickly right now, you could regret it later on," said Joe Hurley, vice president and founder of Bankrate.com and savingforcollege.com.

Hurley advises parents with young children to make sure their investments are in age-based plans that start out aggressive.

"You really should have most of your investments in stocks because over time they should perform best and give you the best hope of keeping up with tuition," said Hurley.

Age-based plans become more conservative, moving into money markets or CDs as the child nears high school graduation.

Every state's 529 plan is a bit different. Each state and investment company has its definition of what "more conservative" means, so if you want to save and forget about it, not knowing the risk, you could face problems out of state.