+1 for getting your own finances squared away first.
I've saved quite a bit, but I'm not saving anything exclusively for my kids' college education, it all goes into one pot (mine). Admittedly, I have passed up some potential tax savings for the sake of flexibility.
Our financing plan is as follows:
If and when the time comes, we will encourage them to attend one of the more affordable, quality, public universities our state has offer.
We will probably back off of overseas travel while they are in school and make a contribution out of our general operating budget.
We will expect them to work 10-15 hours a week to cover a portion of their living expenses.
Finance any remaining expenses through student loans.
We will strongly encourage them to pick majors that have a historical track record of providing decent employment opportunities.
A modest amount of student debt for a student that completes their major and finds gainful employment is not a bad thing. It teaches responsibility, dedication, and appreciation. Where the system breaks down is when naïve parents send their naïve children to overpriced universities to get majors with questionable job prospects, which they don't complete (or change 3 times before completing), all while financing 120%+ of the cost because, after all, you've got to have clothes, booze, and spring break trips, too!