After buying a house, paying for a child's college education is the biggest expense most parents face. Check out this information-packed checklist to figure out how much it'll cost, where to save depending on your child's age, and more.

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Decisions to make early:

• Decide if you're saving for public or private college.

• Get the current average annual cost of private versus public school.

• Determine what college will cost when your child is ready to attend.

Set up a timeline for saving:

• Determine how long you have before you need to shell out cash for tuition.

• Figure out how much you have already saved and how much you still need to put away to meet that objective.

• If you don't have one already, establish an investment philosophy and determine a financial strategy that works for your family.

• Consider hiring a professional financial advisor.

When college is more than 15 years away:

• Consider opening an Education IRA.

• Consider setting up a custodial account for minors.

• Think about investing in aggressive mutual funds.

When college is ten to fifteen years away:

• Look into prepaid tuition plans.

• Look into state-sponsored college savings plans.

• Begin to stabilize your financial portfolio.

When college is five to ten years away:

• Move a portion of your investments into fixed income or bonds.

When college is five years or less away:

• Move your child's college money into more conservative investments.

When it's college time--tax breaks:

• Look into the Hope Credit.

• Look into the Lifetime Learning Credit.

The Hope Credit and The Lifetime Learning Credit are mutually exclusive. Parents must choose one or the other for each student; they both can't be claimed at the same time.

• See if you qualify to take a tax deduction on the interest paid on your child's student loan.

• Consider withdrawing funds early from your traditional or Roth IRA and taking a penalty waiver.

When it's college time--parent loan:

• Look into the federal Parent Loan for Undergraduate Students (PLUS).

When it's college time--financial aid:

The main types of financial aid are loans, grants and scholarships, and work/study programs. The majority of financial aid comes through the U.S. Department of Education—nearly 70 percent of all money given—mostly in the form of loans. The rest comes from a combination of federal or state grants and programs, from the universities themselves, and from corporations, foundations, professional and service organizations, and community groups.

• Fill out the Free Application for Federal Student Aid (FAFSA) form.

ClubMom's checklist Helping Your High Schooler Find the Right College has helpful financial aid information.

When it's college time--student loans:

• If your child qualifies for a Federal Stafford Loan (which gives students a break on loan interest payments), factor this into your financial planning.

• If your child qualifies for a Perkins Loan, factor this into your financial planning.

When it's college time--grants and scholarships:

• If your student qualifies for a Federal Pell Grant, factor this into your financial planning.

• If your student qualifies for a Federal Supplemental Educational Opportunity Grant (FSEOG), factor this into your financial planning.

• Look into the Leveraging Education Assistance Partnership (LEAP) program.

• Find out about money available directly from the college and universities to which your child is applying.

• Find out about special interest groups and organizations that supply cash for college.

Beware of scholarship search firms that promise you scholarship money for a fee.

Work/study programs:

• If your child qualifies for a work/study program, factor this into your financial planning.

Alternative approaches to financial aid:

• Consider reducing the cost of college by having your child start out at a community college.

• Consider having your child apply for a four-year U.S. Army ROTC scholarship.

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