By Harold Simansky
Educational Investment Advisor

A college education may be the best investment a person can make, but it does come at a steep price.The average cost today for four years at a private university runs about $120,000 when you factor in tuition, room and board, and general expenses. Even a public school education can cost about $50,000. And the shocking fact is that these figures will seem like chicken feed for parents of a new baby. The tab to put your child through an average four-year private college is likely to be more than $250,000!

Don’t even entertain the hope that these numbers might magically drop in the years ahead. They won’t. Wondering, then, how any but the most well-to-do can expect to pay for their children’s education? Take heart! It really is within your means, and we are going to show you how to do it.

To begin, here’s the most important advice anyone can give you: Start saving as soon as possible. You’ll be sorry if you don’t. By starting on the day your baby is born, you can cover a $250,000 college bill by saving $600 each month. If you wait until she’s 10 years old, that sum ratchets up to $2,000 a month. And, amazing but true, if you wait until she’s 16 — you will have to save an astronomical $10,000 a month to catch up.

But wait — there is some good news. First of all: Financial aid is available. According to the Department of Education, 63 percent of all undergraduates enrolled in 2003–04 received some type of ...

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