If you have a son or daughter, at some point you may be tempted to tap into your retirement account or reduce your future contributions to help them pay for college but doing so puts your retirement savings at risk. In retirement who is going to help you out?
To borrow a phrase from the aviation industry, put your oxygen mask on before helping others.
This does not mean that you shouldn’t help. They still need your advice and guidance.
If you still have time on your side consider opening a 529 plan for your son or daughter. Get started as early as possible and exhaust all grants scholarships and federal student loans before turning to private loans.
Another consideration is to start at a community college and then transfer to a four year program.