Your neighbors, Martha and George Boling, both in their mid-50s, are of modest means. Neither of the Bolings has a college education. They had hoped that their son Roger, 30, would be the first in their family to attend college. As a result of the recession, both Martha and George have experienced periods of unemployment, which depleted their savings. However, they have managed to maintain and protect their 401(k) accounts.
Roger has had his own troubles with employment. He has been in and out of work trying to “find himself.” His career path thus far has been a series of odd jobs: day labor for construction sites, refereeing baseball at a local ballpark, and so on. Roger has now decided to settle down and believes that college is the only way to break out of the current cycle of intermittent work. He has reached out to his parents for help with college funding.
Martha and George stop by your house one evening to ask you what kind of programs are available to help someone in Roger’s position. They have substantial assets in their 401(k) plans and are considering tapping in to them to help Roger out. What information can you give to Martha and George?
After completing this chapter, you should be able to do the following:
Identify various ways to fund education.
Apply financial aid opportunities to the ...