O'Meara says she sometimes advises clients to borrow on life insurance policies to pay tuition. "We wouldn't recommend setting up a life insurance plan to pay for college, but if they already have one, they can dip into it to help pay for college," she adds.
O'Meara says families can also tap into a home equity line of credit. "But the educational funding plan has to make sense in the overall retirement strategy, with retirement plans taking first priority," she adds.
-Jim McConville