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jtotheo
LIF Adult
Member since 11/08 1070 total posts
Name:
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the best way to save for college?
what sort of accounts do you have for your LO's future education and why did you choose it? TIA!
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Posted 3/23/11 3:32 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
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Re: the best way to save for college?
I don't want to have anything specifically for college, because I fear when they go to apply for student loans, it will show up and then they will be denied (I think I recall hearing this)
I plan to just take a bit a week and throw it into a separate account. It adds up quick.
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| Posted 3/23/11 3:38 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: the best way to save for college?
Just their savings. I put any money they get from birthdays/holidays in there, and try to contribute myself.
I got scholarships and some loans to pay for my education, my kids can do the same.
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| Posted 3/23/11 3:42 PM |
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robynfs
12/6/10!!
Member since 9/05 4947 total posts
Name:
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Re: the best way to save for college?
We have a 529 account and personal savings account for her. I am attaching a link that discusses how 529 accounts can affect financial aid.
http://www.savingforcollege.com/intro_to_529s/does-a-529-plan-affect-financial-aid.php
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| Posted 3/23/11 3:44 PM |
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Harlow-J
Mason's mommy!
Member since 12/09 3623 total posts
Name:
Jen
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Re: the best way to save for college?
We started a savings account for DS...also our accountant told us about this NY State College savings fund we can set up through our bank-so we're putting $$ into that as well.
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| Posted 3/23/11 3:51 PM |
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summerBaby10
let's be nice
Member since 9/07 10208 total posts
Name:
Wifey
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Re: the best way to save for college?
We started a separate savings account for DS monetary gifts but I really would like to invest some of it.
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| Posted 3/23/11 3:55 PM |
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NYchic
Girl & boy
Member since 6/09 2357 total posts
Name:
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Re: the best way to save for college?
We set up a 529 account. Any gift $ DD gets goes into there and we also put $500 from DH's paychecks in there monthly since she was born.
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| Posted 3/23/11 4:32 PM |
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joan713
LIF Adult
Member since 12/07 1360 total posts
Name:
Joan
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Re: the best way to save for college?
I was watching Suze Orman the other day. She said the 529 plan is a good place to put $ for your childs education. She did emphasize NOT to put your childs name on the account but put it in your name. Even though it's for college, your child will have access to it to use anyway they want when they turn 18. So this way you can still have control of the $ in case they want to use it for the wrong reasons.
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| Posted 3/23/11 4:53 PM |
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curiousgeorge
LIF Adolescent
Member since 10/10 867 total posts
Name:
MAMA
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Re: the best way to save for college?
Posted by joan713
I was watching Suze Orman the other day. She said the 529 plan is a good place to put $ for your childs education. She did emphasize NOT to put your childs name on the account but put it in your name. Even though it's for college, your child will have access to it to use anyway they want when they turn 18. So this way you can still have control of the $ in case they want to use it for the wrong reasons.
I saw this too. We put DD money is bonds right now. We also have CD's and a regular youth savings account. ANy holiday gifts gets divided and put into there.
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| Posted 3/23/11 4:58 PM |
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jtotheo
LIF Adult
Member since 11/08 1070 total posts
Name:
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Re: the best way to save for college?
The 529 costs a percentage annually, doesnt it?
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| Posted 3/23/11 6:41 PM |
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