Have you ever tried to use an online college-savings calculator?  Even for parents with the best of intentions, such tools can be a frustrating and demoralizing experience.

The problem is that most of these calculators are based on an unrealistic assumption:  That the typical family simply can modify their monthly budget and set aside enough money to cover the entire cost of an expensive four-year school.

To see why this assumption is problematic, let’s start by looking at how a college savings calculator works.  First, most Web calculators have you answer a few questions about your college savings time frame.  This includes your child’s age (let’s say 4) and how many years remain until he or she enters college (in this case, 14 years).