As a grandparent, the bond between you and your grandchild is a deeply loving and nurturing one. Grandparents are famous for imparting valuable life lessons to their grandchildren, as well as spoiling them with gifts and loving attention. Although ice cream and birthday checks are wonderful gestures sure to please, as your grandchildren grow older, you can give a far more valuable gift, one that will pave the way for your grandchild’s bright future. As college costs continue to rise, many grandparents are stepping in to help pay for tuition bills, a generous gift as well as an investment in their loved one’s future.
Contributing to a grandchild’s college costs can make a huge difference for parents struggling to foot the bill, and students trying to avoid crushing loan debt. That said, it is a gift you need to give intelligently in order to maximize its positive impact and avoid any negative effects. This paper lays out the pros and cons of helping to pay for your grandchild’s college and strategies for how to go about it. There are many ways to help, even beyond paying tuition bills.