The difference between a private and public school can be staggering. You need not choose a school when your child is still an infant. However, it is important to understand the relationship between the saving you do now and the school choices you'll be able to afford in the future. If you plan right today, you may be able to afford a college you thought would be out of reach. There is a wide range of financial aid programs available to help students and parents meet the cost of attending college.
Programs run the spectrum from government loans to grants and scholarships.
Eligibility will depend on a formula that includes a variety of factors, from adjusted gross income to your assets, tax burden and family size. The best known programs are the Federal Stafford Student Loan Program and the Federal Pell Grant. There are also other lesser-known federal programs available. Nearly all states offer some form of financial aid, plus grants and scholarships. You can contact your state's offices to find out what programs are available to you.