Oh my goodness. It's back to school time and your son or daughter is about to get on the bus for their first day of high school. It seems like only yesterday you were wiping chocolate off their cheek and playing the flash card game, and before you know it they'll be heading to university, picking out a dorm and calling every other weekend for more money for this or that.

No matter what age your little (or big) ones are, it's never too early to start planning for their higher education.

Some hard facts:

According to a study done by Statistics Canada, as of 2008, the average university tuition for Canadian students was $4,524 (approx $4,442 US) a year, while international students paid about $13,985 (approx $13,736 US) per year. And while that latter figure is pretty comprehensive, it doesn't factor in the cost of long distance calls to mom and flights to and from home. The website www.usnews.com reports the average tuition for a university in the US can range anywhere between $10,000 and $30,000 a year, varying widely due to institution (private vs state) and courses. On top of that, don't forget to consider living and travel expenses.

Europe is becoming a much more popular destination for Bermudian students, what with ease of travel and our British citizenship. Let's look at the UK — according to the website www.direct.gov.uk, the maximum tuition fee that can be charged to European Union students is £3,290 (approx $5,293 US) a year, increasing no more than the rate of inflation. But for international students you're looking upwards of £10,000 (approx $16,088 US)

(Exchange rates calculated as of August 17, 2010)

Whether your kids want to achieve something relatively simple — an associate's degree from Bermuda College — or they're reaching for the moon and stars — a master's or doctorate — if you start saving now, you'll be prepared for any eventuality.

Here we've outlined a few of the long-term savings options from local banks available to you: (See accompanying table at right).

Another savings option is the Heritage Education Funds International (HEFI), distributor of the Heritage International Scholarship Trust plan in Bermuda. They help parents save for college educations by creating flexible, long-term savings plans tailored to each individual financial situation. Savings are invested in low-risk securities that earn a competitive and consistent return so your money will be there when your kids need it. For more information visit www.heritageresp.com or call 292-9533.

In this economy, you're safest bet is to shop around to find the perfect solution. Ask tons of questions — are there penalties for early withdrawal, etc? — and make sure your completely comfortable with the outcome — you don't want to be stuck trying to make monthly payments you can't afford, or worse.

And don't forget about bursaries, scholarships and loans available from local businesses and banks, the government (both here and abroad), and your child's chosen institution.