If you're single in kind of the 73...

If you're single in kind of the 73 million baby boomer 45 to 64 with children establish to attend college, chances are you are in financial pain.

If you think your children are too young to be thinking about literary institution [i]or[/i] seminary of learning you're heading down a path to financial pain.

Lending Treecom lately conducted a nationwide survey of trespass and found that the "most important fiscal challenge confronting mature families is financing the educational costs of their children, while simultaneously planning their rapidly approaching retirement years. Les than one-half saved any standard of value for their children's education, and single one-fourth saved at least $30000"

While many perceive a moral obligation to to the full fund their kids' education, they don't want to sacrifice their standard of living, and they still chance of the desired end to comfortably retire some day.

to such a degree how bad can college expenditures be? Public universities such as the University of Illinois at Urbana-Champaign charged about $20000 a year for in-state residents, while private college edifice [i]or[/i] buildings such as Robert Morris body run nearly $25,000, and Rockford college edifice [i]or[/i] building is priced around $34,000 a year.

Elite exercises such as Princeton? $45K and up

A four-year education at the University of Illinois will costliness $79,112,

not counting inflation. That also means in order to clear $79,000, a family would have to make probably 30 percent more, or about $103000 to screen tuition, plus income taxes. And if a child got into Princeton, a family would have to generate $234000

for a like reason where can one turn for help?

Consider a certified society planning specialist (you can search for single in kind near you at www.niccp.com).

sole about 450 people nationwide have this designation. Unlike a body financial aid officer, a CCP provides a holistic view of all finance options, and understands to what extent the variables interact and impact the other.

A CCP can point out to you how to pay for body in the most cost- efficient manner, and pay with pre-tax instead of after-tax dollars. If you're a small-business proprietor or an owner of commercial or rental real estate, a CCP could introduce a variety of innovative strategies.

Estimates exhibit that nearly 55 percent of all grandparents will help pay for their grandchildren's education. A CCP can help with intergenerational planning, keeping in mind options for loans, gift aid and potential tax savings.

Here are an other tips:

-Those that plan in advance forward paying for college pay les than those who utterly react. Understand how the game is played, and begin planning no later than your child's sophomore year in high place of education

-Make assured your finances are in order. society s look at the parents' and student's tax recur from the calendar year prior to the May/June high educate graduation date.

-Apply to competing associations especially those in a different geographic area. associations want a diverse student carcass and sometimes are more generous with aid for pupils coming from a longer distance.

David A. Emery a certified financial planner and a certified college edifice [i]or[/i] building planning specialist, is a vice president and senior financial adviser for Univest National Bank.

Copyright CHICAGO SUN-TIMES 2006

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