How to talk to your kids about college costs

Experts say it pays off for parents talk with children early and often about how to cover higher education costs.

Casual conversations at an early age about where you went to college and that you are saving for their education helps sets the expectation that they will go.

Keith Bernhardt, vice president of Fidelity's college savings program, said that by 9th or 10th grade those conversations should still be positive but more specific in terms of available funds.

Get your financial aid application in early in their senior year and make sure they understand the pros and cons of all options.

Bernhardt points out that by getting kids engaged in conversations about college costs early, it's easier to get them involved in saving too, setting aside allowance, portions of gifts or money from jobs.