Before your child reaches the ninth grade, be sure to check out the colleges and universities in your local area. Many community colleges have agreements with the local high schools that allow students to take college level classes that satisfy both the high school's and the college's graduation requirements. In short, rather than taking the regular courses offered by the high school, the student will be taking the college level classes while still finishing her high school diploma. This program is called, "Dual Enrollment," but in some states, it is called, "Running Start." In most cases, the student is required to pay for the college books, but the tuition may be paid for by the state. There have been many students who have graduated high school with an Associates Degree because of this program. This program, by far, is one of the most cost effective ways of ensuring that your child gets a 'running start' on a college degree. Even though your child may be required to purchase her own books, a savvy shopper can find used books for a much lower cost, and can more than likely resell the books to recuperate a substantial amount of money. This program alone can cut the costs of a four year college degree by as much as 50%.
Taxes
Taxes can be really complicated, so here is just a quick tip. If you are paying for a college education for either yourself or a dependent, you may be eligible for either a Hope or a Lifetime Learning tax credit. These tax credits can be as much as $1500-$2000 per year. Be sure to review these credits when you begin to file your taxes.