Don't know if this would work for you or not but some colleges, at least one that I know of, have a deal where you can "lock in" your kid's college tuition at the present time. You pay the tuition now at current rates and the college uses the interest to make up for the cost when the time comes for the kid to actually attend. At least Freed-Hardeman University in Henderson, TN was doing this a couple of years ago. I've kind of lost touch with those who are involved in such things but it's worth checking on.