Saving for college education generally comes in at the top of the list for most families’ financial planning priorities. With annual higher education expenses on pace to hit six figures by the time your newborn or toddler becomes a high school senior, paying for college may seem impossible—unless you start financial planning for college right now.

Preparing to pay for higher education isn’t as simple as starting and contributing to a college savings plan. You’ll also need to figure out:

• Which colleges you and your child can afford
• How much financial aid your child may receive
• What your child’s (and possibly your) student loan burden may be after graduation

As tuition has historically outpaced inflation, the earlier you start college planning, the better. With so much at stake for your children’s education and future, many partner with a fiduciary financial advisor to estimate future college costs, walk you through the financial aid application process, and provide guidance on various tax-advantaged college savings options.