"When it comes to funding college, one of the first things parents and students should do is educate themselves," says Matt Cook, a financial center manager with Fifth Third Bank. He recommends SallieMae.com, a Web site that offers information on savings programs, loans, scholarships and grants.

With savings plans, I encourage people to begin contributing as early as possible with whatever they can afford - even if it's $25 a month. He recommends having money withdrawn from checking or savings accounts and automatically deposited into these plans.

Student loans can be subsidized or unsubsidized. Subsidized loans are based on need. Interest on these does not accrue while the student is in school. After graduation, students have a 6-month grace period before they are required to make monthly payments. Unsubsidized loans, on the other hand, are not based on need, and interest accrues while the student is in school.

Scholarships and grants are sources of free money. Students may qualify for scholarships based on academics, athletics, ethnic heritage, religion or professional affiliation. Parents and students can find more information from school financial aid offices or online.

For more information on funding college, contact Fifth Third at (866) 475-4201 or visit the Fifth Third website.