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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Poll: College Plans
Do you have a college plan set up for DC, like a 529 or something like it, if so which one and when did you open it up?
TIA
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Posted 3/31/11 4:19 PM  |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Poll: College Plans
We are planning on setting up a 529 but, I haven't done it yet.
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| Posted 3/31/11 4:20 PM |
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memi7206
LIF Adult
Member since 3/11 2355 total posts
Name:
Due Dec 29th!!!!!
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Re: Poll: College Plans
Yes, we opened it the week we got home from the hospital with him and have contributed every month since.
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| Posted 3/31/11 4:21 PM |
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MarisaK
HELLO Manolo !!
Member since 5/06 14562 total posts
Name:
Marisa
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Re: Poll: College Plans
As soon as we had his SS#
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| Posted 3/31/11 4:21 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Poll: College Plans
we opened one when he was born and fund it quarterly.
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| Posted 3/31/11 4:24 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Poll: College Plans
i havent but i believe my parents have opened a 529 one for her
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| Posted 3/31/11 4:25 PM |
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SweetCin
My green-eyed boy
Member since 5/05 13499 total posts
Name:
Cin
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Re: Poll: College Plans
We have a 529 for DD (since she was born) but have yet to start one for DS (who's almost 2).
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| Posted 3/31/11 4:26 PM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Re: Poll: College Plans
Do you have to wait for a SS#, or can you do it before?
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| Posted 3/31/11 4:26 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: Poll: College Plans
Posted by MarisaK
As soon as we had his SS#
Same here-529 and custodian accounts.
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| Posted 3/31/11 4:29 PM |
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Re: Poll: College Plans
Message edited 3/31/2011 4:38:05 PM.
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| Posted 3/31/11 4:29 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Poll: College Plans
Posted by PennyJ923
Do you have to wait for a SS#, or can you do it before?
I was told I needed to wait for an SS#.
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| Posted 3/31/11 4:30 PM |
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shiv
Twinsanity!!
Member since 5/07 4747 total posts
Name:
Shiv
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Re: Poll: College Plans
I put other- we haven't set up a 529. Instead I have been investing the money that would have gone into it. If I do well with this than I'll keep it up. If not, than I may switch to a 529. I like having more control over the investments and the money would be in my name. So it won't hinder any chance for him to get financial aid or if he gets scholarships and doesn't need it all for school, I can use it for a siblings school or give it to him for other things he may need.
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| Posted 3/31/11 4:37 PM |
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Dee0522
And then there were four...
Member since 6/09 2088 total posts
Name:
Denise
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Re: Poll: College Plans
Posted by ali120206
Posted by PennyJ923
Do you have to wait for a SS#, or can you do it before?
I was told I needed to wait for an SS#.
You can set it up beforehand and just make the beneficiary you or DH until you have your DC's SS#. Then just change the beneficiary. This is what we did.
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| Posted 3/31/11 4:37 PM |
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memi7206
LIF Adult
Member since 3/11 2355 total posts
Name:
Due Dec 29th!!!!!
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Re: Poll: College Plans
Posted by Dee0522
Posted by ali120206
Posted by PennyJ923
Do you have to wait for a SS#, or can you do it before?
I was told I needed to wait for an SS#.
You can set it up beforehand and just make the beneficiary you or DH until you have your DC's SS#. Then just change the beneficiary. This is what we did.
us too
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| Posted 3/31/11 4:51 PM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Re: Poll: College Plans
What happens if DC does not go to college, what happens with the money?
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| Posted 3/31/11 4:55 PM |
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kerrieberrie
LIF Infant
Member since 9/05 131 total posts
Name:
kerrie
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Re: Poll: College Plans
we have a 529 on all our kids from when they were born
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| Posted 3/31/11 5:24 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Poll: College Plans
Posted by PennyJ923
What happens if DC does not go to college, what happens with the money?
Found this online:
When you start saving for your child's education, you cannot possibly predict what she will want to be when she grows up. Luckily, 529 Plans do not go to waste if your child chooses a path in life that doesn't involve a stop in college. You have several options regarding what to do with the money you've saved in that 529:
Leave it in the 529 Plan. People change their minds all the time, and your child may decide to go to school at a later date. Also, eligible schools aren't limited to four-year institutions. If your child is interested in learning a specific trade, visit savingforcollege.com, and enter the name of the trade school, or search by state to find out which schools are eligible and which ones aren't.
Change beneficiaries. One of your younger children, your spouse or even a member of your immediate family-including stepchildren, stepsiblings and stepparents-may want to attend college. There are no age limits, so anyone in your family could go back to school. All you need to do is contact your 529 Plan provider and rename the beneficiary.
Use the money for your own education. If you don't have another child and always wanted to go back to school, you can name yourself the beneficiary, as long as the money you take out is put toward the appropriate educational expenses. Keep in mind that, with a 529, the plan donor has control of the money, not the beneficiary. Just because your child decides not to go to college does not mean the money must go to her.
All of these options work as long as you keep the money in the account. Taking out any of the money leads to a 10% penalty, plus taxes on the amount your account gained.
If the beneficiary receives a Scholarship for Qualified Education Expenses, or should become disabled, you may request a penalty–free withdrawal.
Message edited 3/31/2011 5:59:26 PM.
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| Posted 3/31/11 5:57 PM |
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DanaRenee
Fitness Junkie!
Member since 6/06 6470 total posts
Name:
Dana
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Re: Poll: College Plans
We dont have one but only b/c we already know their grandparents (both sets) have opened accounts for both kids. I'm hoping I don't have to shell out a dime when it comes time for college 
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| Posted 3/31/11 6:02 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Poll: College Plans
Posted by shiv
I put other- we haven't set up a 529. Instead I have been investing the money that would have gone into it. If I do well with this than I'll keep it up. If not, than I may switch to a 529. I like having more control over the investments and the money would be in my name. So it won't hinder any chance for him to get financial aid or if he gets scholarships and doesn't need it all for school, I can use it for a siblings school or give it to him for other things he may need.
This is our MO as well. Although my parents have set up 529s fir all the grandkids - for the tax benefit
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| Posted 3/31/11 6:13 PM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Re: Poll: College Plans
Posted by nov04libride
Posted by PennyJ923
What happens if DC does not go to college, what happens with the money?
All of these options work as long as you keep the money in the account. Taking out any of the money leads to a 10% penalty, plus taxes on the amount your account gained.
If the beneficiary receives a Scholarship for Qualified Education Expenses, or should become disabled, you may request a penalty–free withdrawal.
See this is the part I am not happy with, the 10% penalty. Is it better to just open a high yield savings and contribute the same amount, and then in the course of the next 18 years throw some of it in a CD if the rates are high enough and play around with it yourself?
Alos, the 529 invests in Mutual Funds so if the market is down so is the investment, that makes me nervous as well.....
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| Posted 3/31/11 6:33 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: Poll: College Plans
Posted by shiv
I put other- we haven't set up a 529. Instead I have been investing the money that would have gone into it. If I do well with this than I'll keep it up. If not, than I may switch to a 529. I like having more control over the investments and the money would be in my name. So it won't hinder any chance for him to get financial aid or if he gets scholarships and doesn't need it all for school, I can use it for a siblings school or give it to him for other things he may need.
same... our financial planner recommended this. that it's better to put more away through our 403b's than a 529.
we do have savings account set up for DD though. money she has gotten for her christening, birthdays, etc. goes in there.
i might be in the minority here, but i also don't feel like it's entirely oru responsibility to pay for the kids' college. yes, we will help where we can, but DH and i put ourselves through with scholarships, grants, loans and work study. DD can do the same or at least pay for it in part. i don't think it's wise to risk our security for their college.
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| Posted 3/31/11 8:37 PM |
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brownie
Baby #1 is here!
Member since 11/08 13903 total posts
Name:
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Re: Poll: College Plans
Posted by CrankyPants
Posted by MarisaK
As soon as we had his SS#
Same here-529 and custodian accounts.
same
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| Posted 3/31/11 8:48 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Poll: College Plans
We opened 529s for both girls shortly after they were born and contribute monthly. My first DD's account had over a 20% return in 1 year, thats not happening in a savings account.
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| Posted 4/1/11 12:03 AM |
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