According to data from the Education Data Initiative, the average going rate for college - considering tuition, books, supplies, meals, and other living expenses - is about $36,500 per year.

Noting this, it can be help parents to begin saving for their children's education as soon as possible, especially considering that the average student loan payment is more than $500 per month and can take up to 20 years to pay off.

There are plenty of saving plans available to help save and make money for this type of expense.

Choose the Right Savings Plan

There are standard savings accounts — and then there are specific college and general savings plans that help your money work harder and go further.

529 Plan

These tax-friendly savings plans are sponsored by state governments that allow you to save money for a designated beneficiary to eventually be used toward tuition and college-related expenses. Though 529 plans vary by the state you're residing in and thereby opening the account in, many can be opened for as little as $25. Annual contribution limits tend to be significant, and anyone (parents, friends, family members, etc.) can contribute to them.

If your beneficiary eventually doesn't attend college, the funds can be transferred to another beneficiary, used for other types of education costs, or withdrawn with a 10 percent tax penalty.

Roth IRA

Roth IRA accounts might be best associated with retirement savings, but they can also be established for a child's college savings. Another tax-friendly savings plan, Roth IRAs, doesn't involve an income tax deduction, meaning contributions can be withdrawn at any time and for any reason without a tax penalty.

However, annual contribution limits are often less than what you can contribute to 529 plans. Additionally, withdrawals count as income, which means the child could be impacted by how much financial aid they qualify for when using funds to pay for college expenses.

Savings Bonds

Lastly, purchasing savings bonds is another option when planning for college. These tend to be lower risk —yet lower reward — than 529 or Roth IRA plans, as they're guaranteed by the government and aren't subject to the ebbs and flows of the financial markets. However, don't expect the interest earned to be as much as the other savings plans on this list.

Financial Aid Programs and Policies

Financial aid programs can help either complement any existing college savings or help students pay in full for college. Loans are offered via the federal government, as well as via banks and credit unions.

Many schools also offer significant tuition reductions for students from middle-class or low-income households. Some local governments have also adopted legislation to fund tuition for post-secondary education for public school students. When it comes to paying for college, don't leave any stone unturned.

College is expensive, and the sooner you plan, the better your outcome will likely be. Consider speaking with a financial advisor today to help with your college savings journey.