How Will We Ever Save for College?

10 Tips You Need to Know About Saving for College…
Whether Your Baby's Still in Utero or in High School

By Caroline Grannan

Check out the other articles in college finance series:
How Will We Ever Save for College? | "We Forgot to Save for College!" | Many Ways to Save | Choosing and Using a Financial Planner

The best time to start thinking about paying for college is when you're planning décor for the baby's room - and if you can only do one or the other, go for the minimalist look and put your money into the college fund.

That's the advice from financial experts, and from parents who've been there. But it's not advice that's easy to follow. Putting off saving for such an important, expensive part of a young person's life has created a real crisis for many families.

Parents of tomorrow's college students are paying off big mortgages and car loans, as well as health, home and car insurance. In many homes, both parents work and the family still lives paycheck to paycheck. Saving for college, when the projected cost is nearly the price of another house, seems downright overwhelming - if not impossible.

Most of us have heard some version of the frightening figures: By the time today's 5-year-olds go to college, four years of undergraduate tuition, room and board are projected to cost $98,561 at a public university and $235,095 at a private college, according to the College Board, an association serving colleges, universities, students and families. That's nearly double today's average costs.

How are you supposed to save such a huge sum, while also facing increasing costs of living and saving for retirement too? It will take some discipline, but you can do it. These 10 tips from financial experts and college advisors will help you better understand your options and meet the challenges of saving for college.