Parents; What can you control about your child's college future?

1. Start saving as early as possible. Waiting until your kid hits 16, has a 3.8 GPA, and says he/she wants to be a doctor is not a good move. Starting to plan and save early (infant is the best) gives you and your child the best opportunity to have all the funds needed when college time comes.

2. Be financially upfront with your kids. Letting your children know how much money will be afforded to them for college is hugely important at a young age. Let them know that any amount above what you have for them will need to be earned via scholarships, savings, and student loans. The younger they understand this the sooner and harder they will work on those things.

3. Share all the options with your children and make suggestions or recommendations. In my last blog post I spoke about 2 year colleges. Make sure you little ones know and understand the impact behind this decision.

4. 3 year college degree programs are becoming more and more available. In our current economic state, this should grow as a trend, not decrease. A 4 year degree in 3 years will save roughly 25%.

5. Finally, let friends and family help. During gift giving time, perhaps let family donate into a college savings account. Over the course of many years, just one birthday present annually from grandma could have a huge impact in a 529 or other savings product. Don't be shy about asking. Trust me, the people in our lives are always wondering what to get us for bdays, holidays, graduations, etc. They will thrilled for you to share this since it is such a good cause.