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COLORADO SPRINGS, COLO. -- Is it possible to save for college?

The cost of a higher education has risen significantly over the past 10 years, with some estimating it could cost as much as $50,000 per year by 2025, leaving many, if not most parents feeling overwhelmed by the price tag.

So for those who want to save for their children's future, and help them avoid costly student loans, is it a realistic goal?

FOX21 spoke with parents and a financial expert to find out.

"We generally knew it was a gift to give our child educational opportunities," Jessica James said.

Jessica and her husband Lance James said they have always tried to be financially saavy, so when they found out they were having their first child in 2008, they knew their whole financial picture was going to change.

"The cost of healthcare, the cost of education, childcare, diapers, all of those things that come with having a child," Lance said.

Jessica and Lance both work for non-profit organizations and said they do not have thousands of extra dollars a year to sock away, so instead they decided to put together a plan to save for their son's education.

"Just being thoughtful about our spending so that we could start saving in a way that is eating an elephant one bite at a time," Jessica said.

But Jessica and Lance knew they could not do it alone, so they decided to seek help from local financial advisor Brad Gann.

Gann said it is never to early to start saving for college.

"Obviously the earlier you start, the less you have to save per month because then the money can work for you, so yeah it is never to early, but it is also never to late," Gann said.

Gann, who has four children of his own, said parents first need to establish a goal.

"Do you want to provide 100 percent for your child, and if you do want 100 percent, is that 100 percent of Colorado College or is it 100 percent of Colorado State, those are two very vastly different numbers," he said.

If you have multiple kids, Gann said parents can set aside the same amount for each child and then allow them to decide how they are going to apply it to their education.

He said it is always a good idea to get children involved in the process.

"It does help them learn financial responsibility, as well as be committed to what they are getting ready to do," Gann said.

Next, Gann said parents need to decide what resources they have to commit, and if they want to take risks with their money.

The challenge he said is deciding how to invest that money.

"You can invest it in a savings account, treasury bonds, in individual stocks or stock mutual funds, that is the vehicle," Gann said. "So the next question is how do you own it, do you own it as parents, or do you own it as a 529 Plan where it is set aside specifically for college, or do you go ahead and gift it to your child?"

No matter what parents decide to do, he said ever little bit helps because student loans can be a huge financial burden after college.

"Most financial loans today take anywhere from eight to 12 years to pay off, and that is a long time dead burden that is difficult for children and young adults," Gann said.

Student loans were a debt Lance spent years paying off, and even though he said his college education has been a blessing in his life and career, he and Jessica are hopeful their kids will not face the same burden.

"It has created a conversation that is more just us, it is also grandparents and aunts and uncles, knowing that this is something we are saving for," Jessica said.

FOX21 wants to know if you are saving for your child's/children's education, and if so how you are doing it? Comment below to share your thoughts with us and the community.