Tuition is generally the single largest educational expense, and you may see a large difference in tuition between public and private schools. As much as you may long to attend that pricey private institution, you could save tens of thousands of dollars by choosing a state school instead. A private school on a middle-class budget, even with financial aid, might not make sense.
Residence hall life and a cafeteria meal plan can be an expensive way to obtain room and board. Renting an apartment off-campus with a few classmates may reduce housing costs -- or, perish the thought, living with the parents for the first few years. It won't kill you and will save lots of money.
Colleges don't expect you to hand over a pile of cash on the first day of class as full payment for the semester. Dozens of grants are available for those who are willing to research sources and fill out applications. Begin at the federal level with the Pell Grant and work your way down to the local Rotary Club. Websites (see Resources) can help you ferret out grants you didn't even know existed. They include StudentAid.gov, a federal government resource, and CollegeScholarships.org, a private website that serves as a clearinghouse of sorts for various types of financial aid.
Parents can start saving for college costs when their children are newborns. Families can take advantage of educational savings accounts, similar to an IRA, that provide tax-sheltered earnings. The longer the time horizon for saving, the better prospects a family has for meeting high college costs.