College tuition costs have risen faster than the rate of inflation for many years. Today it is not uncommon for parents to pay more for their child's four-year college education than they spent to buy their first home.

Public colleges-including community colleges and state universities-are supported by taxes on residents, so tuition is usually much less than private colleges. Most public colleges charge out-of-state residents higher tuition. Because members of the military may be deployed anywhere in the world, they are not eligible for in-state tuition everywhere. When you plan for college, be sure to ask whether you will qualify for in-state tuition.

For more details on investing for education, visit Education Planning.