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After investigating their finances, Suze says Kathleen and Tony still have options to reach their ultimate goal—allowing both Joe and Max to graduate from college without having any student loan debt.

First, Suze recommends Kathleen and Tony take the money they have put away for Max and use it to pay for Joe's college because he is currently in school and presents a more immediate need.

That will give them some time to prepare for Max. Suze says Max should see if he qualifies for a subsidized or unsubsidized Stafford Loan. If that doesn't cover all the costs, Suze says Kathleen and Tony can get a Plus Loan—which parents are responsible to pay. 

No matter the final loan situation, Suze says Kathleen and Tony easily can fulfill their commitment to Max. "You can pay [his loan] back for him," she says. "No matter what action we take, the end result will be your two children are going to graduate from college without any debt whatsoever."

Learn more about paying for college at www.finaid.org
FROM: Best Life Week: Your Money Plan 2009
Published on January 22, 2009
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.