Got $160,000? (For college)

Also, consider taking out a Parent Loan for Undergraduate Students (PLUS) in your name and having your child repay you. “It's guaranteed by the federal government and there's a cap on the interest rate, which is great,” says Lynette Wahl, a director of financial aid at Hamline University in St. Paul. If you can’t secure a PLUS because of credit issues, your child may be eligible for an additional unsubsidized Stafford loan.

If either you or your child meet the income limits (if your child is no longer considered your dependent), you can deduct tuition costs with the HOPE Scholarship Tax Credit or the Lifetime Learning Tax Credit. And you can still claim the credit even if you make a withdrawal from a 529 plan or Coverdell ESA, as long as you don’t use the credits to pay the same expenses covered by those accounts.

Other options? Your child could attend school part time while working, or take on more debt to attend full-time. But make sure she understands how to use credit cards responsibly, so that she can succeed without excessive debt.

No matter what life stage you find yourself in, consider as many options as you can. Juggling college expenses with the rest of you life can be challenging, but it is manageable—especially if you ask for help when you need it. “It’s never too early to start saving,” Ganz says. “But also it’s never too late if you have a good adviser who keeps on top of all of this.”