-- 529 College Savings Plans: Many parents turn to 529 plans to benefit from tax-free growth while saving for their kids' college. But you can also open a 529 plan for yourself. Most 529 plans require low minimum contributions and allow you to contribute monthly, so there's a plan for every budget. Earnings grow tax-free, and as long as you use the proceeds to pay for qualified education expenses -- tuition, room and board, books and anything required by the program -- you don't pay taxes on withdrawals; there are other state and federal tax issues to consider so it pays to do your homework ahead of time.

This can be a good solution if you're planning to return to school at a future date. An added benefit is being able to change the beneficiary of the plan at anytime. You can open a 529 for yourself and transfer it to your child -- or vice versa -- depending on who needs the funds for college.

-- Tuition tax credits: A tax credit allows you to subtract the amount of the credit from your federal income tax bill, dollar for dollar. Two credits that apply specifically to tuition and fees are: the Hope Tax Credit and the Lifetime Learning Tax Credit. Although there are different parameters for each tax credit, both have family income limits of between $47,000 and $57,000 for single filers and between $94,000 and $114,000 for joint filers. For eligibility specifics and how to claim the credit, consult IRS Publication 970 or talk to your tax adviser.

-- Tax deductions: A number of tax deductions for tuition, fees and student loan interest are all worth exploring. Once again, talk to your tax adviser. Every dollar saved is a dollar toward your education costs.

FINDING MONEY IN YOUR BACKYARD

If you're a homeowner fortunate enough to have equity in your home as well as a home equity line of credit, you may have a viable option for funding your education. In this case, you could most likely borrow at a favorable rate -- and the interest may be tax deductible.

And while I would never recommend borrowing against your retirement savings, you can, in fact, withdraw money from both a traditional and a Roth IRA without penalty for education expenses. However, you may be required to pay federal and state income tax on your withdrawals. All in all, although this might be a choice, I'd consider it a last resort.

FREE CLASSES FOR SENIORS

When it comes to saving money, age can be an advantage. And it's no different with ongoing education. There's a growing trend at colleges and universities: offering free classes to senior citizens. While stipulations regarding class enrollment or auditing versus taking a class for credit may exist, if you're interested in education for learning's sake, you just might be able to enrich your mind without draining your savings.

Going back to school can mean financial sacrifices, but it can also open the door to economic advancement. Statistics from the U.S. Census Bureau suggest that a person with a bachelor's degree can earn, on average, twice as much money as a high school graduate over the course of a lifetime. A person with a master's degree, on average, earns upward of 100 percent more a year than someone with a high school diploma.

Whether it's for job advancement, salary increase or personal enrichment, don't let finances keep you from pursuing your education goals. It may cost money to do it, but it may cost more in lost opportunity if you don't.