Myth #1 - The $100,000 Tuition: For public colleges, total tuition expenses for the 2004-05 school year averaged $11,354 last year, while tuitions at private universities averaged over $27,000, according to The College Board's recent report "Trends in Student Aid 2004." However, these numbers can be deceiving, as three out of four undergraduates attended schools where tuitions averaged less than $12,000-a-year. Myth # 2 - The Return On Investment Is Not What It Use To Be: Don't be disillusioned, the money spent on a college degree still yields a sizable return on your investment. In fact, CNN Money reports that typical college student earn about 75 percent more than someone with just a high school diploma over a working lifetime. Myth #3 - No Financial Aid If You Earn Too Much: Half of the families earning over $80,000 per year qualified for financial assistance last year, according to CNN Money. Myth # 4 - The More You Save, The Less Financial Aid You Get: The truth is, the more you save the less likely you will need to borrow to pay for college.

College Savings Plans: There are many college savings plans, but the two most common plans are the Coverdell Education Savings Account (ESA) and 529 College Savings Plans. U.S. Savings Bonds: Consider pulling out the U.S. Savings Bonds you received as gifts when your child was born and cashing them in to help pay the college bills Federal and State College Financial Aid Programs: When it comes to financial aid there are countless options available from federal programs such as Pell Grants, which are awarded based on student needs, or Stafford Student Loans, which are federally subsidized loans. Families with high incomes are also eligible for the program if certain need tests are satisfied. Individual states also offer assistance but most states only grant aid to state residents attending schools within their state. Seek Help: You can learn more about different financial assistance programs from your child's high school guidance office. For further advice and assistance with saving towards college education, consider meeting with a qualified financial advisor. They can help you develop a comprehensive financial plan, which includes paying for college while also balancing other important financial goals, such as your retirement.

Gary S. Williams is President of Williams Asset Management.  He can be reached at (410) 740-0220. Email Gary at gary@williamsassetmanagement.com .