How to Save For Retirement While Paying for a Child’s College
Yahoo! - 09/14/2016
“Many are taking on student loans later in life to help their kids or grandkids pay for college. Those in default on federal student loans are getting their Social Security payments garnished. It happened to 156,000 Americans in 2013. That’s three times more than in 2006.”
Parents should harness the impulse to sacrifice for kids by scouring the family budget for savings that could help boost college investments, says Coleen Pantalone, a finance professor at the D’Amore McKim School of Business at Northeastern University.
“Look at disconnecting from cable and using one of the movie options such as Netflix (NFLX),” she says. “Then look at your cell phone bill. Do you need all that data?”