Banking & Credit
Banking Basics
Online Banking
Credit: The Ups & Downs

Qualifying for Credit

Debt vs. Investment

Credit Cards

Getting a Loan

Credit Agencies

Search Ms.Money
Search this site
powered by FreeFind
FinancialInvestingBankingPlanningCareerPurchasesCommunity

Paying for Tuition

"If you can't afford to fund both your child's college education and your retirement, putting money aside for your retirement should be your first priority. You can borrow for your children's college education. But you can't borrow to fund your retirement."

- Ilyce R. Glink, author of
100 Questions You Should Ask About Your Finances

A financially distraught dad once quipped, "Of course two can live as cheaply as one. My wife and I live as cheaply as our daughter at university!" All joking aside, college planning is a difficult task in the wake of all the other things you might be trying to save for, such as a house or retirement.

For the last 10 years, college expenses have risen an average of 7% per year. That's much higher than general inflation, which has averaged about 3.4% over the same period. The following tips are geared to help you find ways to help finance your children's college education.

  • Apply for financial aid: visit our Financial Aid Center for information and guidance about applying for different types of financial aid.
  • Borrow from retirement accounts.
  • Take out a home equity loan.
  • Borrow against your life insurance.
  • Tap government loans, such as the Sallie Mae (Student Loan Marketing Association).
  • Take advantage of prepaid state tuition plans.
  • Invest $500 a year in an Education IRA.
  • Invest up to $50,000 a year in the new 529 plans, now available in some states.
  • Take advantage of the Hope Scholarship or Lifetime Learning credits on your tax return.
  • Investigate various college student loans, including:

    • Stafford Loans
    • Perkins Loans
    • Plus ("Parent loans for undergraduates") Loans
    • Apply for a personal loan from a private lender

 Qualifying for Credit

 Debt vs. Investment

 

 Credit Cards

 

 Getting a Loan

 

 Bankruptcy

 



 

 

Site Map | About MsMoney.com | About Tiffany Bass Bukow | Contact Us | Privacy | Terms of Use

 

Copyright © 2006 MsMoney.com, Inc. All rights reserved.
MsMoney.com is a trademark of MsMoney.com, Inc.