Family's savings and income will be what pays for children's college

A Twitter poll finds that families plan to pay for college with savings.

Will it be enough?

The Wealth Woman, Mary Lyons, works with families on how they'll pay for college.

She said most people have not done an adequate job saving for four years of college.

"It's hard to make ends meet and take care of your family and save for retirement and then also save for your child's college," said Lyons.

She said parents shouldn't cripple themselves and their retirement to fund children's higher education. If your college graduate has to pay for you in retirement, it's kind of a wash.

"I think it's a matter of discipline and working within a very tight budget. Oftentimes it's just difficult to do everything all the time," said Lyons.

She said some people get hung up on the college name, rather than education. They could go to a lesser known school or smaller schools tend to have more financial aid options. Students can go to a community college, which is cheaper, then transfer to a university and only have to pay for two years.

In Texas, students who will attend state schools can be part of the Texas Tuition Promise Fund--can buy units or pay for college tuition at today's prices so students don't have to worry about inflation as children get older and college gets older.

There's also ways to go to college for free.

College Costs

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