According to many sources, the cost of college is increasing some 5 – 8% every year! That is significantly more than our current inflation rate. Grandparents can be of significant help through a variety of savings and investment products that offer tax advantages. According to an article on the AARP website called Saving for College, these options are available:

• Coverdell Savings Account (Education IRA)
• 529 college savings plans
• UGMA/UTMA

The article gives a good overview of each option and is an excellent place for you to start figuring out how to help your grandkids go to college.

Labels: college costs, grandchildren, grandparents, seniors saving, tuition