The amount needed to cover future college expenses depends on the age of the child, the type of school the child plans to attend, the number of years the child will spend in college, the inflation rate of college costs, the rate of return you earn on your savings, and the interests of the child that could bring along additional expenses.  Refer to the College Savings Planner for the current cost of over 4,000 colleges.

For most families it will be a combination of savings, scholarships, and loans/grants that come together to pay the total college bills.  Very few students actually pay the "sticker price" for college.  Grants/loans or other awards are extended as an inducement to attend a specific college.  For planning purposes, it is risky to assume that scholarships and grants will be forthcoming and that family contributions will not be required.  One of the first steps to good planning is to make an educated determination of the family's eligibility for financial aid and then plan your savings goals accordingly.