Thrifty Thinking: SOTU College Savings Remarks

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The President recently commented on education in the State of the Union Address:

Now, even with better high schools, most young people will need some higher education. It's a simple fact: the more education you have, the more likely you are to have a job and work your way into the middle class. But today, skyrocketing costs price way too many young people out of a higher education, or saddle them with unsustainable debt.
Through tax credits, grants, and better loans, we have made college more affordable for millions of students and families over the last few years. But taxpayers cannot continue to subsidize the soaring cost of higher education. Colleges must do their part to keep costs down, and it's our job to make sure they do. Tonight, I ask Congress to change the Higher Education Act, so that affordability and value are included in determining which colleges receive certain types of federal aid. And tomorrow, my Administration will release a new "College Scorecard" that parents and students can use to compare schools based on a simple criteria: where you can get the most bang for your educational buck.
To grow our middle class, our citizens must have access to the education and training that today's jobs require. But we also have to make sure that America remains a place where everyone who's willing to work hard has the chance to get ahead.

I had a chance to interview CSPN Chair Mike Fitzgerald about these remarks.  1) What are the importance of the president's remarks in terms of college education? As the remarks indicate, the President and his administration are concerned with the cost of college and have asked Congress to consider how federal dollars are spent on higher education based on affordability and value. 2) What factors contribute to the rising cost of higher education? Fewer federal, state and private dollars for higher education has led to a dramatic increase in tuition rates for all types of higher education institutions.3) How can parents mitigate those costs as much as possible? Save for future higher education costs and educate themselves on the financial aid process to fully understand what type of aid will be available for their children.4) What are the benefits of starting a savings plan early? By starting early you can save more and your money can earn more for you over the life of the account. Any amount that you save today will reduce the amount you or your child will have to borrow in the future.  5) What if parents don't have a lot of money to invest? Any money saved for future higher education costs will reduce the amount of debt the family will incur to pay to college.  They have further information regarding the last two question on the College Savings website: Why Save for College?