College costs are on the rise. This should come as no surprise to anyone listening to reports of deficits in state budgets across the country. Less money to support institutions of higher education translates to higher costs.

The cost of an average college education is rising two to three times the rate of inflation. The average cost of a four-year private college is more than $80,000 and more than $40,000 at four-year public colleges.

Scary numbers? You bet! The good news is there are options for you to help your college bound student pay for college.

Most states have tuition assistance programs, designed to save money to pay for your student's

higher education. Depending on when you begin saving, the age of your child, when/where they will be headed to college and the type of savings plan you determine to be best suited to your individual needs, you can develop a financial game-plan for meeting the cost of their education.

Another option is the Coverdell Education Savings Account (ESA), which was formerly known as the Education IRA. The ESA is a trust or custodial account created for the purpose of paying the qualified education expenses of the beneficiary. While contributions to an ESA are not excluded from gross income, the earnings accumulate tax-free.

You may make contributions to a Coverdell ESA and a state-sponsored prepaid tuition plan in the same year for the same beneficiary.

You may also claim the Hope and Lifetime earning tax credits in the same year a tax-free distribution is taken from a Coverdell ESA, as long as the distribution isn't used to pay the same expenses for which the credit is claimed.

Explore all the options for free money for college. Most states have a state grant program for students who meet financial need criteria. Scholarships are another form of free money usually based on merit, special abilities or skills, and in some cases awarded through religious affiliations, businesses and civic organizations. Check out the world's largest, free scholarship search engine offering more than 1.6 million scholarships, grants, and awards worth nearly $6 billion on AES' Website, http://www.aessuccess.org.