(ANN) Is paying for college worth it? Steve Olsher

Parents typically pay for college using their current income, 529 college savings plans, and other savings or investments. But some parents who haven't saved enough dip into their retirement accounts to pay for college. Some 4 percent of parents withdrew money from their 401(k) or IRA to pay for college in 2011, according to a Sallie Mae and Ipsos survey of 813 college students and 798 parents of college students. The average amount withdrawn was $4,102. Another 1 percent of families took a retirement account loan, borrowing an average of $2,779 to help cover higher education costs. Self help author and financial consultant Steve Olsher says "college is the single worst investment a parent can make." "If you send your child to college expecting a solid return on your investment, start playing the Lotto. You have a better chance of winning." "To be clear, secondary education has its benefits. There is a proven correlation between knowledge and income. That said, we can no longer ignore the disturbing facts and objectively explore alternative options towards reaching the same destination." Read more