I don't and won't have children, but I wanted to chime in with what my parents did with my brother and I.
From the time I started working - babysitting, mowing lawns, hotel maid, etc - I had to put 50% of my earnings in a savings account for college. Money I earned working full time during the summers while in college also got socked away for the upcoming year.
My grandparents on my Mom's side always gave us savings bonds for our birthdays, Christmas, etc. My parents also managed to save a few thousand in mutual funds for each of us.
When college came around, we were expected to apply for all scholarships we were eligible for. I worked part time in a job in my field during the school year (10 hours per week). That money paid for my gas and spending money. Between the saved money, scholarships, and some additional from my parents while attending college, I was able to earn an engineering degree at a public school. The very last semester I did have to take a small loan (just over $2000).
The system worked well for us and I'm extremely grateful to my parents for helping as much as they did. DBF's parents were not in a position to save money for his education. He also graduated with an engineering degree, but far, far more debt. He is still paying 7 years later, while mine was wiped out in a couple years.
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