Titanic was meant to be the ocean liner by which all others were measured. Not only did it represent the height of seagoing luxury for its day, but its designers also believed that its seaworthiness was unparalleled. In short, this masterpiece of planning, design, and execution was believed to be unsinkable. Of course, it only took one oversized chunk of ice to prove that theory catastrophically wrong.

During my years as a financial planner, I’ve seen few things sink as many households’ finances as the failure to be strategic in planning and paying for a college education. Some fail to plan for their own educational expenses, which results in iceberg-size student loans they spend decades paying off. Others fail to plan for their children’s costs, which ends up ripping a gaping hole in their otherwise impervious retirement plans. Tragically, some fail to plan for both, which leaves them treading financial water for the rest of their lives.

Of course, many of these households attempted to be responsible, socking away money for future costs. But by the time college was actually in sight, they realized that it was not going to be nearly enough. Between sky-rocketing tuition, underperforming investments, and a lousy economy, they realized too late that there was not enough time to play catch-up. Unfortunately, they also lacked the skills and knowledge to take evasive and creative maneuvers to help them dodge impending financial doom.

That brings me to what this book is meant to be: a captain’s manual to guiding your finances safely through the financially treacherous waters of the college experience. More than anything else, it is designed to helping current students and their families do some last-minute maneuvering to avoid ending up on the rocks or going down with the ship.

You’ll find all the best need-to-know information conveniently arranged into five parts. While I think you’d do yourself a favor if you read this guide from start to finish, you’re free to jump around (heck, it’s your book). If you have a burning need for knowledge in a certain area, feel free to flip straight to that section.

Part 1, Getting a Grip on College Costs, gives you a buffet of tips and tricks that savvy students are using to lower the real costs associated with attending school. Not only will we put things like tuition, room, and board under the microscope, but we’ll also dissect hidden costs such as travel and medical expenses. We’ll round out this part by taking a look at how to tap your savings wisely to minimize taxes and penalties. By the end of this section, it’s very possible that you’ll have lowered the cost of a year of college by anywhere from 10 to 50 percent.

Part 2, Strategies for Borrowing, takes the mystery out of borrowing and repaying student loans. Considering that borrowing might be a nonnegotiable fact for many who cannot or will not compromise on where they get their education, mastering the lending lifelines and loopholes is essential. Not only will these chapters touch on which programs you should consider and tips for maximizing your loan package, but we’ll also cover legal ways to reduce or even eliminate your repayment period.

Part 3, Free Money for College, covers some of the best, as well as some of the least-known, programs for getting a free education. Chances are, between the scholarships, grants, tax breaks, and free tuition programs covered in this part, you’ll be paying a lot less than most people attending the same school.

Part 4, Best-Kept Funding Secrets, will give you an insider’s guide to some of the most overlooked sources for college funds. It’s not uncommon for parents or students utilizing one or more of these programs to pay little or nothing for a college degree. Of course, because these programs require a student or his parent to hustle a bit more than just filling out a scholarship application, we’ll give you the inside track on exactly what you need to do to make these programs work for you.

Part 5, Thinking Outside the Box, rounds out the book by examining the logic behind some radical approaches to a college education. We’ll take a look at the financial merit of nontraditional and online educations, utilizing community colleges to save tens of thousands of dollars, some of the biggest mistakes typical parents or students make, and the merits of putting your kids to work to help diffuse the cost.

I’ve also included six appendixes to give you everything you need on a practical level to put the advice contained in this book into action. You’ll find a Glossary that defines unfamiliar words and terms; a College Cash Strategy Worksheet on which to track your progress as you work your way through the chapters; a helpful list of resources to pursue different funding opportunities; a directory of financial aid programs organized by state; a list of my favorite scholarship programs with their contact info; and a state-by-state list of Section 529 plans.

Kind of like a tutor who helps ensure that you pass your calculus exam, this book comes with some built-in extras. These sidebars give you definitions as well as cautions and pointers that are immediately usable in your attempt to pay for college:

As always, I’d like to thank my amazingly patient and wise editors at Penguin/Alpha Books, Randy Ladenheim-Gil and Lynn Northrup.

To my agent, Bob Diforio at D4EO Literary Agency. I’ll never be able to thank you enough for the ongoing education you’ve provided.

Thanks to the marketing and publicity gurus who have helped me make a career out of writing, Gardi Wilks and Patty Henek at Wilks PR and Dawn Werk at Alpha Books.

Thanks to the gang at About.com (especially Melissa Phipps), who truly gave me my big break in writing about saving for college of all things! Likewise, thanks to my friends at Investopedia.com (especially Sean Joyner), who continue to provide such fun writing opportunities.

Thanks to my close friends at the University of Phoenix, including Steve Elder, Beth Langevin, Dana Padilla, Autumn Hemphill, Yvette Palmer, Leah Duchanoy,

Kimberly Westbrook, Christie White, Christy Oberste, Alicia Banks, Stacy Perkins, Ted Kitchens, Randy McCormick, Felicia Johnson, and all the Little Rock faculty and staff. I’ve never seen a group of people who believe so much in the power of an education and care so much for the future of their students.

Thanks to Dr. Brenda Sullivan, one of the best bosses, friends, and teachers I’ve ever had. I hope, “just this one time,” you know what a gift you’ve been to so many people and how proud we all are to know you.

Thanks to my parents and grandparents, who were generous enough to foot the bill for my college education; and to my in-laws, who were kind enough to do the same for my wife!

Thanks to Drew, Price, Ryan, and Spencer. Few things in life make me happier than your individual thirst for knowledge. Your desire to understand makes you the smartest people I know and my pride in you goes beyond measure.

But most of all, thanks to my wife Michele. If it wasn’t for getting stuck in a car with you on a scavenger hunt, college might have been a total waste. Your lessons in grace and your heart for hurting people have shaped me more than anything I ever learned in school.

All terms mentioned in this book that are known to be or are suspected of being trademarks or service marks have been appropriately capitalized. Alpha Books and Penguin Group (USA) Inc. cannot attest to the accuracy of this information. Use of a term in this book should not be regarded as affecting the validity of any trademark or service mark.