If you're like most parents, you may be wondering how you will pay for your children's college education. It seems almost daily we read or hear about the rising costs of a good education. And according to the American Council on Education, tuition costs will keep soaring at a rate of about 5% a year. But this news is not alarming to professional savers like you who understand that through careful, early planning you can have the financial resources necessary when the tuition bill arrives. Here are a few suggestions for making a college education more affordable.

Realistically Estimate Your Child's College Costs
You're more likely to achieve your savings goal if you know specifically what it is. Consider whether you would like your child to attend a public or a private college. Or perhaps your goal is a two year educational experience at a technical or junior college. Many excellent public schools cost one third to two thirds less than private schools. On the other hand, private schools frequently offer better financial aid packages, so your net cost may be comparable for either a private or public education.

Whichever you decide, try to acquire a fairly accurate estimate of the cost of tuition, room and board, books, transportation, and miscellaneous expenses (like entertainment, phone calls home, etc.). Then figure in at least 5% inflation every year through college graduation. Use the total amount as a guide for your savings plan. Keep in mind that tuition at a school in your state may be considerably lower than for out-of-state schools.

Start Saving Now, And Save Regularly
By thinking about college costs now, you'll have time to steadily save some or all of the funds you'll need to help your child afford an education. The sooner you begin saving, the more manageable the costs will seem. The key is to get into the savings habit and stick with it - whatever the amount. A little discipline now can make a big difference later.

Set Up A College Fund
It's always a good idea to establish a separate fund for your college savings. This will allow you to monitor the account's growth (and you won't be tempted to spend these financial resources on something else.) And establishing a college fund is easy since many financial institutions, like your Credit Union, have a special program just for this purpose.

Invest Your Savings For Growth
Consider the length of time before your child enters college. Generally, it it's more than five years, you have time to make investments that may involve a bit more risk but also offer a higher return.

Of course, if you are just starting to save and there's only a couple of years before your child is ready to attend college, it's more important to safeguard your principal. To do so, you may want to put your funds into a plan that offers safe, steady returns like a fully insured Certificate Account or Savings Account. This will guarantee that your money will be there when needed.

Encourage Your Child To Get A Head Start
Encouraging good study habits can not only lead to improved academic achievement but lower costs too. Your son or daughter may be able to test out of basic courses in college, or take college-level classes while in high school. This is important because it could reduce the amount of time needed to graduate, thereby reducing the overall costs of your child's education.

Think Positively
Don't be overwhelmed by college costs, focus instead on your savings goal - and then work toward it. Professional savers get ahead financially with discipline and regular savings habits. The more you save, the better off you'll be when it's time to fill out those enrollment forms.

And if it should happen that your savings plans fall short of your goal, don't worry. You can likely supplement tuition expenses with low cost student loans. Plus, your kids can help out with part-time jobs. Whatever amount you can save, will make your child's education more affordable.

To discuss your savings options or talk with a FAIRWINDS' Loan Officer, call (407) 277-5045 or toll-free (800) 443-6887.