College should be considered a lifetime investment rather than just a four-year expense. It requires financial planning and personal sacrifices. The earlier you start saving and investing, the less money you will have to save and invest later.

Furthermore, the earlier you start saving, the less risk you'll have to take in your investment choices because long-term investing generally carries less risk.

There are many investment alternatives suitable for college savings. Here is a partial list of some such investments:

Even if you have not been able to save all the money you will need for college, several alternatives exist to assist you in making up the difference.

Financial aid comes in many shapes and sizes -- from scholarships and grants which do not need to be repaid, to federal loans which carry very favorable interest rates and terms. The following are a few of the most popular sources of financial assistance:

A college education is an investment that pays off. According to The College Board's annual report, Trends in College Pricing, median annual income for bachelor's degree recipients is 80 percent higher than median income for those with only a high school diploma. Over a lifetime that difference exceeds $1,000,000.