But don't fling up your hands yet. There are lots more wiggle room than most parents realize. The rest are getting through on a patchwork of grants, loans, merit scholarships, and summer earnings, plus gifts from grandparents and doting uncles. Your family may indeed have to borrow, postpone the boat, the new car, the Caribbean cruise. But the chances are excellent that you and your high schooler, with help from his or her college of choice, can piece together a financial lifeboat to carry him or her to that golden bachelor's degree.
Brains count, but persistence and ingenuity count most.
As a first step though, families that can save for their children's college education should do so. Prudent saving and some sacrifices along the way will pay off for children in the long run. A common misperception is that it's unwise to save for college because it will disqualify you in the competition for financial aid. It's true that much of the available aid is need based, and people with assets have a greater capacity to pay than those with similar incomes but no financial reserves. Having the savings, however, will clearly make college much easier for you and your youngster.