Got $160,000? (For college)

Plan 2: Your Child Is in Middle School and You Haven’t Started a College Fund
If you got a late start saving for college, it’s still not too late to consider retirement-oriented or education-oriented mutual fund accounts. “A 529 works great for catch-up,” Tangwall says. Say you have a sudden windfall from a home sale or a bonus—you can put up to $55,000 all at once into a 529 tax-free, as long as you don’t contribute again for another five years.

Take a look at all your options—from spending less to looking at ways to earn more. “Consider, ‘What are the realities of our cash flow?’” Zuck says. “‘How much can we put away? If we have to do some borrowing, what’s the cheapest way of borrowing?’”

Now is also the time to talk to your child about the cost of education and the realities of your financial situation in order to help shape expectations. Maybe you guide her away from the expensive Ivy League school she’s been eyeing and encourage her to take another look at a great state school.

Plan 3: You’ve Saved for Your High School Freshman’s College Tuition, But Is It Enough?
You’ve done a good job saving for college, but you still see a gap; plus, you’re worried that your child won’t qualify for financial aid. What should you do?

First, identify how much you’ll need and where to take it from. Consider tapping home equity, an IRA, or taking a loan from your 401K. It’s also still too early to rule out the possibility of financial aid. “The financial aid office would have you think it’s cut and dried, but it’s not,” Ganz says. “Your income is only one consideration, so you might be eligible.” Check websites such as finaid.org and collegeboard.com to tweak your child’s profile to be “as eligible as possible” for aid, Ganz suggests.

Get your child actively involved. He could be socking money away from a part-time job or he could take advantage of advanced-placement courses that allow students to earn college credits at the high school level. “Start looking at the costs of different schools,” Zuck says. “Maybe he starts at a community college.”

Plan 4: Your Teen Is Graduating from High School with No Money for College

It’s crunch time. Your child is seventeen, with no savings in hand for college. Eligibility for financial aid is virtually guaranteed, but ouch, those college loans! Is there any saving grace?

Yes, advisers say. First, look for free money in the form of grants and scholarships. “In applying for scholarships, start early, apply often, and don’t stop applying even when you go to college,” Ganz says. “It’s absolutely astounding how much money is available for just about anybody, and at least 20 percent of scholarships a year go unclaimed.”

Visit fastweb.com, studentaid.org, and collegeanswer.com, plus websites of colleges your child is applying to and those of associations related to careers he might be interested in. But beware of scholarship scams, especially if the application requires a fee. For a list of known scams, check ed.gov and ftc.gov.