How much do you think a college education costs? According to College Board, most parents estimate the price tag at $22,000. In reality, a four-year public in-state education is nearly $27,000. Private school education has an average price tag of nearly $55,000.

With a new school year around the corner, Spectrum News 1 is helping to get you on the right track for saving up. Rita Assaf, vice president of college and retirement leadership with Fidelity Investments, answered some of our questions.

How much should a family save for a 4-year degree? There are certainly extra costs to higher education.

Assaf says there’s a rule called the "$2,000 cost rule of thumb." For example, you take your child’s age and multiply that by 2,000. This assumes a goal of covering 50% of college costs.

If parents haven't started planning yet, what should be the first step they take?

Assaf says if your child is young, a 529 account is the best option. For families with older children, she suggests having a conversation about expectations and goals. This way, you can map out how to save and how much you need to save.

What should parents, even current college students do to financially prepare for the future?

Assaf says find credit cards that offer cashback offers, which you can then put into a 529 account. Plus, ask family members to give money toward that account instead of giving gifts at birthdays or holidays.

What is the biggest mistake families make in terms of financing for a college education?

Assaf says families rely on debt, rather than just saving. A recent study by Fidelity Investments just did showed parents also are taking out “Federal Plus Loans.” Those have higher interest rates. Assaf says that could impact plans down the line for parents, like paying off a mortgage, or retirement savings.