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Anyone do U Promise?

OctoberloveOctoberlove member
in Washington Babies
It doesn't look like you can make big money for college off of it, but every little bit helps I suppose.  Anyone doing it, thoughts?
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Re: Anyone do U Promise?

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    Seattle_JiLLnSeattle_JiLLn
    I don't... I use ebates and just get cash back.  But I have friends who do upromise... you dont' make much.  And one friend had a lot of problems with her laptop after installing the upromise toolbar or something... But she seems to be a computer jinx.
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    massagegirlymassagegirly
    We talked to my lawyer about what the best way to save for college is. He said there are so many options but to really not put any money into a "college fund" it would be better to put it into a retirement fund. If schools find out there is a "college fund" it is much harder for them to get scholarships, and loans. Just to put this out there my lawyer is not a lawyer for this king of stuff. 
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    doublemdoublem
    It's about the same rates as ebates, usually, but while we're chipping away at one of our student loans we use upromise to help with that.  I don't think we'll be using it for a college fund for E, though.  Once the student loan is paid off we'll just go back to using ebates.
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    Seattle_JiLLnSeattle_JiLLn

    imagemassagegirly:
    We talked to my lawyer about what the best way to save for college is. He said there are so many options but to really not put any money into a "college fund" it would be better to put it into a retirement fund. If schools find out there is a "college fund" it is much harder for them to get scholarships, and loans. Just to put this out there my lawyer is not a lawyer for this king of stuff. 

    It is true that it's best to make sure your own retirement is funded before you fund college because tehre's no financial aid for your retirement.  But if you are on track for retirement, there's no sense putting everything you have into retirement savings, because then it's tied up til you're 65 and you can't use it for other stuff when you're younger or for your kid's education if he doesn't get a scholarship or financial aid.  And the 529 plans are tax deferred just like 401(k)s are, so they're good for tax purposes for your savings.  

    In the end if you do have enough to be able to save for college, the financial aid people will know about it, whether you call it a savings account or a college fund or whatever.  But earmarking it for college allows it to grow tax free.  So given that you are probably going to have to pay for some part of college no matter what, it makes sense to have a college fund, provided you have already taken care of your own retirement. 

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    preston18preston18
    imageSeattle_JiLLn:

    imagemassagegirly:
    We talked to my lawyer about what the best way to save for college is. He said there are so many options but to really not put any money into a "college fund" it would be better to put it into a retirement fund. If schools find out there is a "college fund" it is much harder for them to get scholarships, and loans. Just to put this out there my lawyer is not a lawyer for this king of stuff. 

    It is true that it's best to make sure your own retirement is funded before you fund college because tehre's no financial aid for your retirement.  But if you are on track for retirement, there's no sense putting everything you have into retirement savings, because then it's tied up til you're 65 and you can't use it for other stuff when you're younger or for your kid's education if he doesn't get a scholarship or financial aid.  And the 529 plans are tax deferred just like 401(k)s are, so they're good for tax purposes for your savings.  

    In the end if you do have enough to be able to save for college, the financial aid people will know about it, whether you call it a savings account or a college fund or whatever.  But earmarking it for college allows it to grow tax free.  So given that you are probably going to have to pay for some part of college no matter what, it makes sense to have a college fund, provided you have already taken care of your own retirement. 

    Yes   There seems to be this idea out there that college savings and retirement savings are mutually exclusive.  For some families they are, but for some it's possible to do both.

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    WatchPotWatchPot
    imagepreston18:
    imageSeattle_JiLLn:

    imagemassagegirly:
    We talked to my lawyer about what the best way to save for college is. He said there are so many options but to really not put any money into a "college fund" it would be better to put it into a retirement fund. If schools find out there is a "college fund" it is much harder for them to get scholarships, and loans. Just to put this out there my lawyer is not a lawyer for this king of stuff. 

    It is true that it's best to make sure your own retirement is funded before you fund college because tehre's no financial aid for your retirement.  But if you are on track for retirement, there's no sense putting everything you have into retirement savings, because then it's tied up til you're 65 and you can't use it for other stuff when you're younger or for your kid's education if he doesn't get a scholarship or financial aid.  And the 529 plans are tax deferred just like 401(k)s are, so they're good for tax purposes for your savings.  

    In the end if you do have enough to be able to save for college, the financial aid people will know about it, whether you call it a savings account or a college fund or whatever.  But earmarking it for college allows it to grow tax free.  So given that you are probably going to have to pay for some part of college no matter what, it makes sense to have a college fund, provided you have already taken care of your own retirement. 

    Yes   There seems to be this idea out there that college savings and retirement savings are mutually exclusive.  For some families they are, but for some it's possible to do both.

    And don't forget there are often penalties for ealy withdrawal from a retirement plan.  Althought the contributions grow tax deferred, unless you are making roth contributions, you have to pay taxes at withdrawal: Not always the case with 529 like accounts, so be caution that funding retirement for education really does achieve the same results. 

    BIG Brother born 10/19/07 little Brother born 1/31/12
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