The amount of need-based financial aid that your child qualifies for will depend on your income and assets, the cost of the school and whether you have other children attending college.

Someone earning six figures who has one child attending a public college would probably get nothing, but you might receive aid if you have two kids attending private colleges at the same time. Go to finaid.org to run the numbers.

Key stat: 31% of parents who plan to help pay for college haven't started saving yet.