- my iParenting
- quick clicks
- grandparents today articles
- grandparents today q&a
- message boards
- research baby names
- prepare a birth plan
- content channels
- ip channel rss feeds
- read birth stories
- read parenting stories
- recommended books
- e-newsletters
- safety recalls
- ip diaries
- ip store
- mom of the month
- dad of the month
- editor's letter
- letters to the editor
 |
- e-newsletters
- Sign up to receive our free weekly e-newsletters
- award-winning products
The iParenting Media Awards program helps parents find the best products for their families.
No (Grand)Child Left Behind
College Funding Options for Grandparents By Kelly Burgess
Ideally, retirement should be a time to relax, putter around the yard or have the leisure to travel. For more and more people, however, retirement planning is complicated by the knowledge that they are very probably going to be responsible for putting their grandchildren through college as well.
According to statistics from the 2000 U.S. Census, 6.3 percent of children under 18 live in households headed by a grandparent. In many cases, a grandparent is also the custodial parent, either through death, abandonment or the incarceration of their adult children. For many grandparents, the financial burden of raising a second set of children is already heavy, and as the grandchildren approach college age it may seem overwhelming.
"The priority should be on retirement because there is an increasing array of aid programs available to students through colleges, community aid organizations and the government," says Gail Liberman and Alan Lavine. "Kids can also work while they go to school, they can save money by living at home and they have their whole lives to catch up. The grandparents have no one else to turn to, so their retirement security is paramount."
Liberman and Lavine, syndicated columnists and the authors of Rags to Retirement (Alpha Books, 2003), note that one big misconception that many people have about getting college funds is that you have to be a good student. In fact, most financial aid is based upon need, not grades.
Furthermore, while attending state or local colleges may save money, Paige Chadwick and Laura Grey of NextStudent, a free college funding support service, advise that grandparents not pay attention to tuition when first looking at colleges. Focus on the college that will best serve your grandchild, or that your grandchild is wanting to attend, then look at funding options. Only then, if the options aren't there, should you begin to look at less expensive college options.
