By Steve Higgins

Jun. 11, 2007 (McClatchy-Tribune Regional News delivered by Newstex) --

Financial advisers have been hammering home a major point in recent years -- you have to start saving early to pay for your children's college education, because the cost has soared so high.

According to The College Board, annual tuition in 2005-2006 averaged $2,191 at a public two-year community college, $5,491 at a public four-year college, and $21,235 at a private four-year college. Adding room and board and other expenses brought those averages to $11,692 for two-year community colleges, $15,566 for public fouryear colleges and $31,916 for private four-year colleges.

But what about those people who did not, or could not, save enough money for that purpose, and their children are a year or so away from high school graduation? What can they do?

The Connecticut Society of Certified Public Accountants has published a list of steps you can take to make college education a reality for your child:

--Treat selecting a college like any other purchasing decision.

Most people can't afford the biggest house or the fanciest SUV, yet many parents feel compelled to send their children to the most expensive universities. However, there are many affordable schools that offer a high-quality education, the society says.

"There has been such a demand for college in the past 10 years, there has been a trickle-down effect of quality education," said David Migani, a CPA and managing partner of Beers, Hamerman & Co. PC in New Haven. "There are a lot of good schools out there -- you don't have to go to an Ivy League school. "

But it's important to research the schools, said Migani, who has one son in college and another son who is a junior in high school.

"You have to do your homework," he said. Migani recommended hiring a college placement professional who will interview your child and then recommend appropriate schools. The fee for this service is about $2,000, he said.

One money-saving option is to send your child to a community college for two years, then have them transfer and earn a degree from a four-year college.

--Look for free money in the form of grants and scholarships.

There are many opportunities to land grants and scholarships, but they can be difficult to locate. Start by visiting college Web sites and the Web sites of associations related to your child's talents or career aspirations.

"If you are at a level of income to qualify for loans, scholarships and grants, by all means go for them. They can be very lucrative," Migani said. "That's why you see so much attention being paid to high school sports today -- to try to get money out of colleges to go to school. "

Another strategy is to look for local sources, service organizations like the Lions Club and major companies.

If you use a scholarship search site on the Web, be wary of any that charge a fee -- it may be a scam, the society warns.

--Use a tuition payment plan.

Instead of an annual tuition payment of $15,000, consider making 10 payments of $1,500. Many schools allow you to spread the cost over the course of the year, usually for a small enrollment fee.

Another option is to start paying before your child even graduates high school. "Some colleges allow you to pre-pay at a substantial discount," said Migani. "But there is risk -- what if the child ends up not going to that school, or drops out? "

--Look into student and parent loans.

The most common type of student loan is the Stafford loan, a federally guaranteed low-interest loan. The Perkins student loan is awarded to students with exceptional financial need. Parents also may borrow up to the full cost of a student's education minus any financial aid with a PLUS (Parent Loan for Undergraduate Students) loan.

--The pros and cons of borrowing against your house.

The society recommends resisting the temptation to borrow against your home, since a home equity loan could put your house at risk. But Migani said it could be the right choice for certain people.

"With a home equity loan, the interest is deductible, so the effective cost of borrowing goes down. It could work for someone who doesn't have any other sources of borrowing," he said.

Newstex ID: KRTB-0141-17376392