We are not fortunate enough to have any grandchildren...yet.

But, when and IF we do, we'd be happy to help with education expenses if our "kids" (parents) needed help.

It certainly appears that these days, many parents surely need help as the recession continues here in America.

It's getting harder and harder for parents to put aside money for their kids' education when paying monthly bills, understandably, is their #1 priority--and at a time when their retirement contributions have stalled.

Grandparents to the rescue!

One in 4 grandparent have stepped up to the plate with their own "bailout" plan to help pay spiraling education expenses for their grandkids.

According to a recent MetLife survey, almost half of grandparents helping our financially are contributing to a college fund.

Approximately one-quarter are helping pay or planning to help pay for pre-college expenses, and one-quarter are paying or planning to help pay for either college tuition or help with student loans.

According to that MetLife survey, households headed by those over 55 years of age are spending $2.4 billion annually on primary and secondary school tuition.

That's up 2.5 times since 1999!

That's the good news...the bad news is that for some grandparents, their financial assistance is coming at a dear price--their own financial security.

What grandparent doesn't realize the importance of the lifetime gift of education?

Who wouldn't want to help?

BUT we urge you, granparents, to take a HARD look at your own personal finances before making that generous gift to your grandchild.

While it is true that some Boomers are better off than their kids and can easily afford a "bailout" contribution...the fact remains that many Americans 55 and older are simply not in a position to loosen up ANY bucks.

Many Americans do not even have the resources to cope with a $1,000 emergency!

Our word of caution...it's easy to make decisions with your heart, but don't let your heart over-rule simple math and your future needs.

If you can help with educational expenses, wonderful, and much appreciated by all.

But don't give to such a degree that your kids and grandkids may have to help bail YOU out in the future!

For more tips on paying and saving for college, see:

• Don't Fall for These Financial Aid Myths
• Best Ways to Save for College
• 4 Hidden Places to Find Money for College

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