Saving for a college education requires advanced planning and knowledge of what the cost of a college education will be when your student begins his college experience. You'll first need to know how long it will be before your student sets foot on campus, what the cost of that education is today and how much the cost will increase between now and then. You'll need to know how many years of college you'll be paying for, which is dependent on the degree program being pursued. Once you have that information, you'll be able to know how much you'll need to save. Putting together a plan will depend on what you currently have saved, how much you can save each month and the rate of return you'll receive on those savings.