Parents looking to pay for their children’s college education often have plenty of options. And one that you shouldn’t overlook – if it’s available – is the bank of grandma and grandpa. That’s right, if you haven’t done so already, at least one expert recommends that you talk to your parents – your children’s grandparents – about helping to pay for college.
Of course, how grandparents can help will depend on where you are in the process.
For instance, if you’ve just completed the Free Application for Federal Student Aid (FAFSA) and realize that you’ll face – even after factoring in savings, student grants, work-study, payment plans, loans, and the like – a shortfall, you’ll have one set of tactics to consider. But if your children are still in diapers, you’ll have different options.
“If grandparents get involved only when the parent is filing the FAFSA, it’s too late to look at college-savings options,” says Joseph Hurley, the founder of Savingforcollege.com. Instead, you’ll have to examine different payment options.
Read Robert Powell’s article to find out how grandparents can help with college savings.