The worst financial mistake a grandparent can make

After college acceptance letters arrive, many parents are in sticker shock when they see the price of tuition.  Asking Grandma and Grandpa to co-sign for college loans is tempting, but a dangerous risk for the co-signer.  Michelle Singletary at the Washington Post explains why grandparents should avoid this kind of commitment.  It would be much better for loved ones to start college savings accounts like a state 529 as soon as a child or grandchild is born.  The account is marked for education, offers tax benefits for the contributors, and has minimal impact on student eligibility for borrowing.