Joe Frieda North Carolina's College Vision program is one of several state-sponsored college savings plans to crop up within the past couple of years, thanks to some favorable federal legislation. The plan also has a loan program that kicks in after your savings have been depleted. That's an attractive feature for parents like Jane Metcalf , who got a late start saving for her son Chad's college tuition. It would be hard to play catch up. You're talking about more then a car payment, or even some people's house payments.
Financial planners say it's never too early to start.
Some think it's a good idea to start saving even before your child enters pre-school. The new savings plans allow you to start as early as birth, and as late as high school. The savings plans vary in each state. You can find out more about them from your state's Department of Education, or at local banks. That amount is calculated by the child's age and the type of school they will likely attend, and is guaranteed to be enough to cover the bill.