Here’s How to Help Your Grandkids Pay for College

The Fiscal Times

As a growing number of Baby Boomers start pondering their financial legacy, helping grandchildren (and their parents) cover the skyrocketing costs of college seems like a no-brainer. Assisting with college costs is a big gift that benefits both younger generations at once, and it’s more meaningful than simply writing a check or buying your grandchild some big-ticket item, like a car. “Paying for education is universally agreed upon as a valuable thing to do,” says Roger Pine, a partner with Briaud Financial Advisors in College Station, Texas. “It’s a great way to give, and everyone understands the values you’re trying to convey.” That’s why nearly three-quarters of grandparents think it’s important to help pay for their grandchildren’s college, and more than half (53 percent) of those surveyed by Fidelity in 2014 said they were currently contributing or planning to do so.