Raybyrnes, I used HELOCs as an example of easy credit, not the reason college prices have skyrocketed.

If the vast majority of students did not have access to easy credit, colleges prices would have to come down. It is no different than housing. However well-intended the student loan laws may have been, the result has been sky-rocketing prices. The moe money the students can somehow come up with, the more that colleges will charge. (Q: How much does it cost? A: How much have you got?)

Having all this new found money has resulted in colleges having much larger budgets and more ways to spend it. So, the more they now “need” in order to fund the beast. (Sound familiar?)

I realize this is not helpful for the original poster, who is asking about whether to hire a financial planner (IMO “no”). As for how much to save for college? One other thing to keep in mind is that you will be penalized in any effort to obtain need-based financial aid (other than loans), since they look at family assets in addition to income. Savers are once again penalized, and spenders are rewarded, when it comes to financial aid.

If you do not hold out any hope for meaningful need-based scholarships, save whatever you can …