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College education funding for the divorced parent

© Annelies Mouring

Education funding for parents in general can be difficult especially when money is tight due to just regular expenses. College can be very expensive. However, not getting a good education can also be expensive. Everyone wants the best for their children. A small investment now can mean a lot in a child's feature. However, a one person income can also add a burden to the equation. So what options are there? Well the best is always "think smarter not harder'. Put your money to work, even if its only a few dollars. Here are a few options to look into. This can be time well spent as it's a win win for everyone.

Look at your divorce decree. Many times the divorce decree sets up a fund to help pay for college expenses. Check the final judgment/divorce decree for any language that might be helpful. Perhaps there is a section that will create an account for college. If there is enforce it. That can be just as important as enforcement of child support. Don't forget to ask about back payments.

Talk to the other parent. If there is no language setting up a college fund talk to the other parent about doing that. This is not personal and will benefit the child later. If you are not on a speaking basis with the other parent, then drop them a letter. It never hurts to ask. There are funds out there that allow joint control so that not one parent can be in control. Joint parental responsibility means both parents contribute to the child's major life decisions- shouldn't college be as important as which elementary school your child attends.

Check into state funded plans. Many states have funded plans. Many allow contributions that are tax deductible from Grandparents and other family members. Ohio has a plan that allows parents, etc. to buy on a credit basis. So you can buy small chunks of your child's education as you can afford it or you can set up an automatic withdrawal method., Many of these plans allow for college expenses to be locked in at today's prices. See http://www.collegeresource.com , http://www.educaid.com/college/prepaid.h... MD: http://www.prepaid.usmd.edu/ NV: http://prepaid-tuition.state.nv.us/ OH: http://www.prepaid-tuition.state.oh.us WV: http://www.wvtreasury.com/prepaid.htm FL: http://www.fsba.state.fl.us/prepaid/ AL: www.treasury.state.al.us

If your state is not listed check with local listings for more information.

Look at pre-tax investment programs through pay roll deduction Many employers offer programs that will take some of your pre-tax dollars to invest into an education program. Since you never see the money you can spend it and it will always be invested.