Many grandparents want to help their grandchildren achieve their dreams of college. Unfortunately, how grandparents save or offer assistance can unintentionally reduce a student’s eligibility for financial aid. Knowing some of the rules in advance will ensure that a grandparent’s good intentions are fulfilled without penalizing the student.
If you are a grandparent (or soon to be one) here are a few things to consider when planning to help save for college.
Finding a balance between retirement savings and college savings represents a challenge most families need help managing. If you feel overwhelmed, you're not alone. The struggle is real, especially when parents consider whether to withdraw from their retirement savings to pay for college.