NEW YORK (CNN/Money) - In today's five tips segment we dug into our e-mail bag and hit the street to find out what your biggest financials concerns are.

1. "Do you have any suggestions for a young adult who is returning to college? My son just turned 21 and would like to return full time for a mechanical engineering degree. He used up his savings taking courses in a junior college. Any ideas?" -- Madine

Not having savings shouldn't deter any family from pursuing their higher education goals -- there are many affordable solutions available through loans and scholarships, according to Mark Brenner of the College Loan Corporation.

Gerri Willis opens her mail bag and answers some of viewers' personal finance questions. Play video (Real or Windows Media)

There are several places you can start: first, consult the financial aid offices of the schools you are considering. They will probably ask you to fill out a Free Application for Federal Student Aid (FAFSA) -- this form is the first step in determining your eligibility for different forms of aid -- loans, grants, and scholarships.

Check out www.fafsa.ed.gov for an application or call 1-800-4-FED-AID. Contact the school to find out the timetable of when you should have your FAFSA form in.

Both students who are returning to school at least half-time and parents can take advantage of federally guaranteed student loans.

The Stafford Loan Program is one of the most popular available for students. A "subsidized" Stafford loan means the government pays the interest that accrues on the loan while your child is in school and during the six-month grace period after graduation, resulting in substantial savings.

The PLUS Loan Program is available for parents where they can borrow up to the full cost of the education.

Additionally, there are millions of dollars available in free scholarship money. Every family should conduct a scholarship search and see what they qualify for. A free scholarship search engine is available at www.collegeloan.com. You can also get expert advice 24/7 by calling 1-800-2-COLLEGE. www.collegeboard.com is another worthwhile Web site.

2. "I have a 401(k) and I'm just wondering...I know if I try to cash that out you get heavily taxed, but what if you want to roll that over to an IRA. Does that make sense and why is that a good move?"

First and foremost you can only roll over from your 401(k) if you leave the company you're working at. And you're only eligible to move that part of your retirement dollars that are vested.

If this is your situation, make sure to do a trustee to trustee exchange, according to financial planner, Dee Lee.

If the check is made out to you, the 401(k) provider is going to withhold 20 percent for taxes. The benefit of rolling over your 401(k) into an IRA is that you'll have thousands of choices of what you can put your money in. Sticking with your old employer's 401(k) means sticking with their investment options, which may be limited.

Also, with an IRA, you can use the dollars penalty-free in certain instances. These include using the money to pay for education, for a down payment on a home (up to $10,000 and for your primary residence), and for health insurance if you are unemployed. But keep in mind, while you'll receive the money penalty-free, you will owe income taxes on it.

3. "I wanted to know if there are any mutual fund companies that have funds that are invested in Treasury Department TIPS, inflation protection securities?" -- Tim

TIPS, or Treasury Inflation-Protected Securities, have been rising in popularity as fears of inflation resurface.

TIPS are a "terrific long-term hedge against inflation," according to Eric Jacobson, senior analyst at Morningstar. But, "are not a good hedge against short-term interest rate volatility."

Jacobson points out that people have been gravitating towards TIPS because they feel they will protect them from rising interest rates. This is on the assumption inflation and interest rates move in step. But in reality, the Fed moves interest rates in expectation of inflation in order to nip it in the bud before it gets out of control.

There are a growing number of mutual funds focused on TIPS. According to Jacobson, there are two "plain vanilla" funds which are best for the average investor. The Vanguard Inflation-Protected Securities (VIPSX: Research, Estimates) fund and the Fidelity Inflation-Protected Bond (FINPX: Research, Estimates) fund. You can find details on these at www.morningstar.com.

YOUR E-MAIL ALERTS Five Tips Gerri Willis Personal finance Personal Debt or Create your own Manage alerts | What is this?

While we've already established that these will not protect you from a spike in interest rates, if you feel you want to own for the long-term, consider investing over time instead of in one fell swoop to lower your risk.

Taxes are another consideration with TIPS funds. Just like any bond fund, there are a lot of income distributions, such as dividends. You will be responsible for paying taxes on those distributions every year.

If you are simply investing in the bond, you will also be taxed each year, but you will not see the money until the bond matures. Therefore, your best bet is to hold these funds or bonds in tax-sheltered vehicles such as IRAs or 401(k)s.

The advantage of TIPS is that unlike other bonds, inflation improves returns instead of eating away at them. With TIPS, the interest rate is fixed, but the principal fluctuates based on changes in inflation.

One other point: the Treasury Department is adding a few new options to TIPS including a 5-year bond that will allow you to better ladder your maturities.

4. "I want to know what Greenspan is expected to do regarding interest rates and how that would affect my stock portfolio."

Although the Federal Reserve left the federal funds rate unchanged at a 46-year low of 1 percent earlier this month, it dropped its pledge to be "patient" before raising rates, setting the stage for an increase. Many economists are expecting rates to rise sometime this summer.

Traditionally, stock markets dislike rising rates because of worries that higher rates will slow economic growth and potentially put a dent in corporate profits.

With that said, James Awad of Awad Asset Management says the stock market has already factored in a rate hike, justifying the recent declines we've seen. He says the anticipation of a hike is worse than what the reality will be.

Awad says the market just wants the Fed to get started raising rates already. While many on the Street don't expect a sudden jump, but rather an incremental increase, Awad says a 50 basis point hike is a must at the June meeting, if the Fed wants to maintain its credibility.

As for bond investors -- proceed with caution. Rising rates are generally bad news for bonds. Bond prices move in the opposite direction of yields. Therefore, if you already own bonds, when rates start to climb, you will most likely take a hit, unless you hold on to the bond until it matures.

Therefore, one strategy in the face of rate fluctuations is laddering. Buy bonds in staggered maturities so that as they mature you can put your money to work. The longer the bond's maturity, the more its value will fall when rates rise.

5. "I have heard that if you check your credit report via one of the agencies you mentioned that alone can reflect negatively on your credit rating. The more often it is checked the more your score comes down. Is this true?" -- Steve

Basically there are two types of checks that can be made on your credit -- hard and soft. One results in potentially more debt and will impact your rating while the other will not.

A simple check of your own credit is a soft check -- you will not be penalized for making sure your credit report is in order, according to Myvesta.org spokesman Jim Tehan.

However, if you make an application for a new credit card the resulting "hard" check made by the card issuer will impact your credit rating. A single application will cost you three points; more applications, obviously, will cut your credit rating even more.

Having said that, there are occasions when a simple credit check can cost you rating points. According to the folks at myfico.com, some banks give away free credit scores as a way of attracting clients.

However, credit agencies may penalize borrowers when that happens because they don't distinguish between such offers and actual bank inquiries that could lead to a mortgage loan.

Gerri Willis is a personal finance editor for CNN Business News. Willis also is co-host of CNNfn's The FlipSide, weekdays from 11 a.m. to 12:30 p.m. (ET). E-mail comments to 5tips@cnnfn.com.