How to cope with college costs during an economic meltdown

Some unlucky investors like Dino Macaluso are feeling the double whammy of the market meltdown: They are watching their investment portfolios shrivel while college tuition payments loom, reports BusinessWeek. Macaluso, from Albany, N.Y., is considering a line of credit on his house to pay for his son’s college so that he doesn’t have to liquidate investments until they bounce back. "I have set aside enough cash to cover the first year’s tuition, so I am looking to buy myself more time for the next three years," says Macaluso, who expects to spend more than $50,000 on college tuition annually.
American University in Washington, D.C., is one college that is anticipating just such anxieties. It e-mailed a letter to undergraduate students and parents on Oct. 3, offering assistance "in these challenging times." "The nation’s current financial climate has caused uncertainty for people across our country and around the world. With turmoil in the credit markets and the tightening of available credit and loans, we recognize the impact this could have on students and their families," says a letter from American University Provost Scott Bass…

Click here for the full story