To put into perspective the ever-rising cost of college tuition, consider this: chances are good your first car cost less than your child’s first year of college. And if your child opts for private school education, the total bill for four years could come close to what you paid for your first home.

According to a recent report by the College Board, Trends in College Pricing, the average tuition at four-year public colleges and universities for 2006-07 was $5,836 — 6.3 percent higher than it was in 2005-06. When you add fees, room and board, the costs rise to $12,796. The costs at four-year private colleges are even higher - $30,367 total charges, an increase of 5.9 percent from 2005-06.

Financial experts agree that the best way to tackle the cost of your child’s college tuition is to start saving when they are still infants. Even if your child is already school age, putting aside money now can help defray the cost of their higher education in a few more years. With a wide array of savings and college funding plans offered through financial institutions, states and federal governments, parents need only think ahead and perhaps get a little creative.

For Kevin and Kara Weinand of Washington, that meant looking to their container of loose change — roughly $1,500 originally intended for a vacation — which they’d accumulated over the years and kept in a 5-gallon water bottle at home. And with the help of the “big green” coin-counting machine at their local supermarket, the Weinands were able to start a college savings account under their state’s version of the federal 529 college savings plan.

“Originally I started putting my spare change aside a number of years ago with the plan of using it someday for a vacation,” says Kevin. But the birth of his son, Kyle, changed everything, including his savings plans. “When Kyle was born, I imagined what things would be like when he got older. I knew that the cost of education increases every year and thought it would be wise to put this money to a better use.”

Many college savings plans under the 529 federal tax code allow parents to pay in advance for their child’s college tuition. In Washington, where the Weinands live, the state guarantees the funds. “Essentially, we’re pre-paying Kyle’s tuition 18 years from now at today’s tuition rates,” Kevin explains. “The fund is not tied to any particular school and we can use it at any public or private university that honors the 529 programs through the U.S. Department of Education.”

Coinstar coin-counting kiosks are in supermarkets and other convenient retail locations across the country, so it’s easy for just about anyone to start a college fund or apply their new-found money for other purposes. Consumers simply take their change to a Coinstar kiosk, have it automatically counted, and receive a receipt exchangeable for cash.

“Dealing with the financial demands of parenthood, new parents can often find spare cash in short supply,” says Alex Camara, senior vice president and general manager of worldwide coin at Coinstar, Inc. “But almost everyone has spare change. Saving those coins and cashing them in can be a great way to supplement their effort to save for their child’s college education. The average American household has about $90 in spare change lying around the house.”

To find a Coinstar location near you, visit www.coinstar.com.

Courtesy of ARAcontent

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