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At the five to 10 year mark, you will need to start moving your money into different accounts or bonds. For example, bonds are a good option as well as fixed income. If you are unsure, talk to a financial planner to help you make the decision. When there are only five more years until your child enters college, make sure your investments are safe and secure and not in any aggressive funds. This is the time to guard the money rather than risk it on aggressive markets.
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If you realize that even though you have been saving for more than 15 years, you will not have enough money to pay for your child's tuition, you can consider different student loans that do not need to be paid back while the child is enrolled in school and that have low interest rates. There are loans available for the parent as well as the child, so whatever works for your family is the best option.
Also, once your child is actively enrolled in college there are different tax breaks that you can file on your tax return that will help out significantly.When it comes to paying for college, starting early and making a plan is the best way to go about it.
Robert Michael is a writer for Lacon College which is an excellent place to find college links, resources and articles. For more information go to: http://www.laconcollege.com
Article Source: Parenting Article Library
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