College costs are quickly reaching the stratospheric range, and they continue to rise faster than the overall rate of inflation. According to College Money, a New Jersey educational consulting firm, a child who is 10 years old today will pay an estimated $233,331 over four years to attend an Ivy League college.

But as you play with the numbers, we invite you to focus not only on the cost of a college education, but also on the potential payoff. It's expensive, of course. But it's also a darn good investment. And there's probably nothing else you can do for your kids or grandkids that will better position them to reap the rewards –– both personal and financial.

In fact, according to 1997 U.S. Census Bureau data, the average annual earnings of a bachelor's degree recipient are 60%, or $14,000 more per year than those of a high school graduate. In addition, a college education may open doors to jobs and opportunities that may otherwise not be available.

The other good news is that there are more savings and investment vehicles for parents with college–bound kids than ever before, such as state–sponsored college savings programs and the Coverdell Educational Savings Accounts. The new rules for Traditional IRA and Roth IRA withdrawals may provide emergency relief as well.

Portions of this section reprinted with permission from Fidelity Investments.