Most people agree that an investment in a college education is money well spent. But finding the money to pay for escalating education costs is not easy.

According to The College Board "Trends in College Pricing," the average tuition increase for a four-year public university rose 6.9 percent for 2006-07. The average increase for private universities was 5.9 percent. By the time today's newborn enters college in approximately 2025, a four-year degree at a public college could cost more than $139,367. The additional expense for a private college could reach more than $300,000.

Even with a late start, a sound investment strategy and knowledge of other college financing resources may help parents and their children realized their educational goals.

As with all financial goals, the first step is to determine how much is needed. Base strategy on each child's current age and then develop a plan and stick with it. The earlier parents start and the more consistently they save, the better their chances of meeting their goals.

+Goal: Final tuition bill due in 12 to 22 years. With time on their side, an investor's portfolio can potentially withstand some volatility in the quest for higher returns. Parents might want to consider investing the majority of their college savings in stocks, as these investments have historically provided the greatest long-term growth potential. Of course, past performance can't guarantee future results. Remember the volatility involved in stock investing, and investors should consider their ability to wait out potential fluctuations in the value of their child's college nest egg.

+Goal: Final tuition bill due in eight to 11 years. In addition to keeping a portfolio aimed toward growth with stocks and stock mutual funds, investors might want to add or increase a fixed-income element to balance risk. Now is probably a good time to teach children about investing by encouraging them to contribute a portion of the dollars earned through allowances and baby-sitting into the college savings plan.

+Goal: Final tuition bill due in less than eight years. Parents may start allocating more of their portfolio to fixedincome and money market investments. Those who have virtually nothing saved have a challenge ahead of them, but some costcutting in other areas should allow substantial monthly investments.

Remember all investment plans need to be reviewed every year to determine if adjustments need to be made. Generally, changes should be made as the time horizon narrows and the day nears when a child will enter college.

In addition to the age-based goals outlined above, consider gifts of savings. When relatives ask parents or children what they want as gifts for newborns, birthdays or holidays, encourage them to give gifts that will help finance education.

An individual can make annual gifts of up to $12,000 or an accelerated gift of up to $60,000 to a qualified Section 529 plan, subject to applicable IRS rules. Section 529 plans are statesponsored plans that allow individuals to invest in a predetermined investment pool and offer flexibility on when contributions can be made. Most plans can be set up with as little as $50 per month. All qualified higher education expenses paid from the Section 529 plan are federally tax free.

Together, time and a smart investing strategy are the best bets for helping to provide children with a priceless investment: a college education.

This article is not intended to provide specific investment or tax advice for any individual. Consult a financial adviser with questions.