Grandparents are helping pay for college This content is categorized as: Build financial knowledge Leaving a legacy The cost of college gets higher every year. As a result, more grandparents are helping pay for tuition. Today, an estimated 53 percent of Americans are saving or plan to start saving to help their grandchildren pay for college in some way. If you are hoping to contribute to education costs, here's what you need to know about the tax benefits of putting that money away. Plus, how to make sure you don't damage their chances of getting financial aid because of your generosity. Method: 529 Plan This is what Jeremy Shipp, CLU, RICP, managing partner of O'Dell, Winkfield, Roseman & Shipp in Richmond, Va., calls "one of the most effective financial vehicles due to the tax benefits." Benefits: The contributions you make to a 529 (up to $14,000 per year if you file as single or $28,000 if you're married and file jointl
