I'm planning on doing it a little different.

Not going to give them a thing, they know that now and told them the easiest money is getting good grades and scholarships.  They can borrow money and hopefully they have to repay it, will incentivize them to not waste money and work some during college.  They are getting to the age now they can work on the farm and save up.

The money I would put into a college fund I am reinvesting in myself, I can make more return then a savings acct.  I would rather help them out to buy a first home or maybe repay some of there loans after the fact if they have been successful getting through college.