HOW IN THE WORLD WILL YOU PAY FOR COLLEGE?

Parents understandably feel sticker shock when they look at college costs that, for some private colleges, can exceed $300,000 for a four-year undergraduate education. What they need to remember, suggests Howard Hook, a principal and senior wealth advisor with EKS Associates, Princeton, N.J., is that they do not necessarily have to pay 100% of their child's college costs.

College can become an emotional decision for many families. There is the student's desire to go to a popular school or a school he or she has always dreamed of attending, and a parent's desire, in many cases, to feel it is their duty to oblige them, but setting realistic expectations from a monetary perspective is as important as setting these expectations from an academic perspective. Like with any purchase, it all begins by finding out exactly what you actually need to pay and what you can realistically afford.

He offers the following advice:

* Find out exactly what the net cost to attend a college will be after the awarding of merit money or financial aid.

* In some cases, it may be possible to negotiate with a college once the child is accepted. As with most negotiations, one entity (in this case, a college) can be played against another.

* Take advantage of those college experts specializing in helping find the right...