There are lots of ways students and their parents can pay for college – at Scholarships.com, we’re familiar with nearly 3 million options – and many begin socking away funds early on. As admirable as this timely planning is, a new study shows it won’t come close to covering the ever-rising cost of higher education.

Boston-based Fidelity Investments has revealed that while 67 percent of parents surveyed have put money into some sort of college fund this year, current and expected savings project the typical American family will only be able to pay for 16 percent of college costs when the time comes. Why? Many factors contribute, like the less-than-stellar economy and existing student loan payments (more than half of parents with children under five still have outstanding balances) but perhaps the hardest-hitting element is the colleges' steep price tags: Over the past five years alone, college costs have jumped 26 percent.

This news may sound bleak but families are still finding ways to afford school without going into debt...or having their children graduate with a mountain of it. More parents are asking their kids to work part-time, commute to save on room and board, opt for state schools over private ones and take additional credits - all to keep costs in check. These are all excellent options to defray ballooning education costs but don’t forget scholarships and grants – aka free money for college! Just like saving, it’s important to start searching for scholarships early and often. No time’s better than the present – complete a free scholarship search today!

College is expensive. Scholarships.com has done the work for you. Pay for your college education with free college scholarship money. Get matched to college scholarships instantly and start applying today by conducting a free college scholarship search at Scholarships.com.