Parents of college-bound children should not neglect their own retirement funds. You must save during your working years for what could be a long retirement. Meanwhile, there are many options besides parent-funding for college:
* Grandparents may wish to help pay for grandchildren’s higher education.
* Student loans can be cheaper if a student is the borrower. If parents wish, they can help pay down the debt.
* Financial aid is widely available in the form of grants, scholarships, and work-study programs.
* Tax credits can help reduce the burden for parents who pay college costs.
* Time off from school may allow a child to work for a while and save more towards college costs.
* Staying home and attending a local college, even for a year or two, could save greatly on housing and food expenses.
