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If you have kids, chances are you’re planning for retirement while they’re getting ready to start college. Dual transitions like this can take a toll on your financial health, even if you are prepared.
Even families who are doing well by most standards are hard-pressed to put enough into their own savings and still set aside money for the kids as tuition prices rise. Money magazine shares a real-life story about a family trying to do just that, and you can learn a great deal from the expert’s common sense solutions. For instance, split the cost of tuition with the kids (yes, they’ll have to get a job or a scholarship) or consider a home equity loan. Both these ideas will let you rest easy knowing your family is provided for without burning through your hard-earned nest egg. [Money]