"25 years from now, you're probably going to be able to go to college on your iPhone," he said.

Here's one reference to compare college savings plans: Savingforcollege.com.

Every parent should also remember to check with your child's university for all the financial aid programs at the school. Students should also be looking for every scholarship they might be eligible to receive, financial aid, loans, work-study programs.

As Hakim advised, this is a project with three partners: parents, students, and the university.