For many parents, the day of reckoning is right around the corner: the time when you start paying those hefty college tuition bills for your children. Even if you've been preparing for this day your entire adult life, you (and/or your child) may be forced to seek loans or other financing to pick up the slack. Cut the overall cost with one or more of these tax-wise techniques:
1. Cash in on government loans
Although Uncle Sam isn't as generous as you might like, you may qualify for funds under one of these special government-sponsored loan programs.
Stafford loans. These loans are available to students only, not parents. First-year students can borrow up to $2,625 through the Stafford loan program. Currently, the interest rate is a rock-
bottom 2.77 percent while the student is in school. It rises to 3.37 percent during the repayment period. The variable rate, which can be adjusted on July 1, can't exceed 8...(register to read more)