Experts estimate that the price tag for today’s kindergartener to attend four years of college will be between $50,000 and $300,000 depending on the type. Right now colleges and taxpayers cover some of the cost, but the average family still pays about 70% of it through loans and direct payments. Poor families pay even less.

Here’s how three different families are paving the way now for their children to reach college.

India Rose from Rapidan, Virginia, is the mother of four children, ranging in age from one to seven. She doesn’t save a lot, in her opinion, but she adds to her children’s college funds whatever she can, whenever she can. “It’s hard because you have to take care of your family’s needs now,” she says, “but you also have to take care of their futures.” She’s also using the UPromise program to pad her children’s accounts.

Kevin Karplus from Santa Cruz, California, chose his state’s 529 savings plan for his son. “I wanted to be able to accumulate a reasonable amount of money in a tax-advantaged way, with relatively low risk and little need for active management,” he says. He set up an automatic payroll deduction to meet his savings goal.

Carl Peters from Allentown, Pennsylvania, picked his state’s 529 prepaid tuition plan for his three children. “We didn’t go to college,” explains Carl, “but we want to make sure our kids have that option.” He adds that the regular monthly payment contract helps him keep on track.

What advice do these families have for others? They all agree on one thing: start early. “But even if you’re too late to start early, start anyway,” advises Rose. Try using your old day care dollars.

Although most of us won’t be able to foot the entire bill, saving now will do three things. It will:

 Tell your kids and everyone else that you’re betting on their future.

  • Give your child more opportunities.
  • Cut the number of years that you and your child are paying back student loans.

The returns on your investment will be worth it — college graduates make an average of a million dollars more during their careers than their peers who have only a high school diploma. Two- and four-year degrees both open doors to good jobs that are closed to kids who stop in high school.

 

Lisamarie Sanders is a Virginia elementary teacher who worked previously with the U.S. Department of Education. She has two children in elementary school.