Parents who want to help pay for their children’s college tuition are often advised to start saving right away – even if their kid is still in diapers.

During the 2008-2009 academic year, the average tuition (not including room and board and other expenses) at a private four-year university was $25,143, according to the College Board. The cost was significantly lower at public four-year universities, but the average tuition was still $6,585 a year. Tuition rates will continue to rise, of course, and many families won’t be able to keep up with the costs.

Shortly after my son was born five years ago, we opened a 529 savings plan for college. I was able to set a little money aside each month, but the contributions became less frequent after the birth of our second child. Now that I no longer work full-time and have other expenses, I can’t remember the last time I put money into that educational fund.

Parents should start setting aside money for their children’s education if they can afford it, experts say, but putting money into an educational fund may not always be the most fiscally responsible thing to do.

In this MSNBC.com story, “Six reasons not to save for kids’ college,” reporter Sally Herigstad advises moms and dads to save money for retirement first before putting money in a college fund. “Remember, your kids can get student loans, but there’s no such thing as a retirement loan,” she wrote.

She also tells readers that it’s a better idea to buy your house and then using a home-equity loan to help pay for college. Herigstad also notes that placing money in your child’s name may also hurt their chances of getting financial aid.

Are you helping your child pay for his or her college tuition and expenses? Why or why not? If so, how long have you been saving for your child’s college costs? Are you investing your savings in an educational fund or finding other ways to set that tuition money aside?

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