With graduation time fast approaching, you may be thinking about giving a child or grandchild a financial gift. Before you hand over some cash, take a minute to consider these options for gifts that will help your kids pay for their education. See what Carmen Wong Ulrich recommends.

If you have a financial question you'd like Carmen to tackle, post it here in the comments or email us directly at ivcommunity@mail.ivillage.com

Watch Carmen Wong Ulrich's 'On The Money' Weeknights at 10PM ET on CNBC! Find more information on coping with the economy with our Bail Yourself Out resources.