WASHINGTON — Three Washington-area experts answer the question: What's the best way to pay for college if I haven't got much money socked away?

* Ric Edelman is chairman of Edelman Financial Services in Fairfax, Va.

I regret there are no secrets for those who failed to plan ahead.

If you haven't saved enough to pay for college, prepare to incur debt.

The Stafford federal loan and other programs are available — check with the school's financial aid office — but you may also be forced to borrow against home equity (if you have any).

You can minimize the debt by minimizing the expense. Attend an in-state school to keep tuition low, live at home to avoid the cost of room and board, work part time to raise cash or attend school part time while working full time, ideally for an employer that offers a tuition reimbursement plan.

You should also consider community college for the first two years. It will save a huge amount of money, and you can later transfer to an in-state school to complete your degree without any career risk (employers tend to ask only where you obtained your degree).

* Steven Thalheimer is principal of Thalheimer Financial Planning in Silver Spring, Md.

First and foremost, do not rob your retirement funds to pay for your kid's college. Your children may end up with a great job, and you end up spending your golden years punching a time clock.

If you do have adequate cash flow and you can forgo a few trips to your favorite restaurant, you may be able to fund the education right out of your paycheck. While this may work for some, applying for educational loans and/or grant and scholarship programs will be better for others. And getting free money or money at a low cost has great appeal.

Do not forget that your kids can get a job. Working on or off campus may pay for a significant portion of the cost. As a last resort, borrowing from home equity can be a timely alternative.

* Kelly Campbell is president and chief executive of Campbell Wealth Management in Fairfax, Va.

Set realistic expectations and keep the decision on how to pay for children's college educations within the entire context of a family's financial situation — along with cash flow, home affordability, saving for retirement and other goals.

Work with your high school's guidance department to apply for federal needs-based financial aid. Private organizations and foundations, state and local governments and the colleges themselves are additional sources of needs- and achievement-based financial aid. For do-it-yourselfers looking to pay for college, www.finaid.org is a great resource.

Have the students live at home and attend a public or community college for the first two years, then transfer.