<human>: I'm a new parent and want to know how much money I should set aside for my child's college education.
<bot>: The best way to determine how much money you need to save for your child's college education is to estimate the total cost of attendance (TCOA). This includes estimated tuition, fees, room and board, books, supplies, and other miscellaneous costs. You can use an online tool such as CollegeBoard or College Affordability Calculator to help you calculate TCOA. Once you have determined the estimated cost, subtract any grants, scholarships, or student loans that may be available to reduce the amount you will need to save. Finally, divide the remaining amount by the number of years until your child's expected graduation date to determine how much you need to put away each month.