DEAR E.N.: You're not going to like what I have to say. It's nice that he got a $12,000 academic scholarship but he was attending a school apparently where the cost of a year's education is $40,000. The fact that he's pre-med has nothing to do with it. You have very little money, your husband's job is not secure, and you have no pensions. I can see no reason in the world for you to dip into your savings to pay for your kid's college. I would sit down and have a very frank discussion with the financial aid office at your kid's school and explain that your husband's job is not secure and that you have very limited resources. Unfortunately, the likelihood is they're going to insist on a lot of money or he'll have to go elsewhere. I know that's going to go down hard. I think he should be going to a state school or possibly a community college. He can get all the courses he will need, and, if he performs well, when he enters his junior year, he can get into a state school taking the appropriate pre-med courses.
DEAR BRUCE: My parents are in their late 70s and early 80s and are still in relatively good health. Just recently, they pulled out all of their money from of an investment company because they were afraid of losing it with the way the economy is right now. Last month, they were shocked that they had already lost $5,000. That's a lot of money to them, as they have about $88,000 between the two of them. They also receive Social Security but it is quite minimal. They are currently living with me but seem to have expressed some interest in possibly renting an apartment on their own. They are wondering how they should best keep their money. Right now, the money is in a checking account, but they are looking into putting a portion of it in a CD account. They are worried that they will outlive their finances and are looking for the best possible way to stretch out their money for as long as they can. If you have any suggestions on what would work out best for them, I would appreciate it. -- M.A., via e-mail
DEAR M.A.: You may as well face it. I don't see any way your parents can afford an apartment of their own. It just isn't in the cards. I know this is a burden for you, but I don't see any way that anything else can be done unless you are in a position to subsidize substantially them.