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Which college savings account?
We might just get a financial advisor to help, but I wanted to ask here. Which college savings plan did you go with and why? If you'd rather e-mail me, my address is bumpllcg at gmail.
THANKS!
This discussion has been closed.
Re: Which college savings account?
We have an awesome financial advisor if you need a rec.
We kinda got screwed bc we set up DSS' college fund when Texas Tomorrow was functional. Our then-advisor put us in an acct that he benefited from, so we lost out. We have something like a 525 or some random number...
We use the Michagin 529 plans. We chose something that was performming well and very low to no fees. We can also switch once per a year without a fee (I could be wrong on this because I've never actually done it but it made me feel better about making a decision and knowing we could switch if needed). I used this site: https://www.savingforcollege.com
We're also in the process of getting something set up for DD. My parents set up a Coverdell account for her, and we're trying to figure out which 529 to go with. Here are a couple of helpful links that I have saved -
https://www.fool.com/college/college04.htm
https://www.savingforcollege.com/5_cap_ratings/
ETA: We're most seriously thinking about going with Utah's plan as it's one of the highest rated, and their accounts are through Vanguard where we already hold accounts.
There is SO much variety out there on this, its unreal. It seems like a 529 is your best bet, but the question after that is - which one?
I've been putting money into a Upromise 529 account for a while - pros, it has a credit card that rewards you with cash, and they do the type of rewards shopping where you "shop with us and get 1-4% of your purchase back." We'll probably end up switching funds there to another program since more have been established since I opened it.
DH has been looking into the Gerber Life one - I haven't done a lot of research into it yet - but he's a fan of that one because you don't have to use it for college. for example, if your LO ends up wanting to go to dance or plumbing school, she could use it for that as well.
I think I remember hearing either Utah's or Ohio's were good as well - you can use it for both in and out of state tuition, which would give LO more flexibility on where to go. What you get out of it varies state by state.
We used this same site, but went with the Utah 529. It got a 4.5 cap rating for non-residents.
I have/had over $2,500 from Upromise - mostly from buying and selling 2 homes but a good chunk from online shopping. We'll probably start there or whatever USAA has since I'm a huge fan of keeping things in one place. My parents have a Coverdell account or whatever for the girls
Yeah, I should have added I picked ours over 3 years ago so there are probably better ones now :-) I keep hoping Michagin will improve theirs to keep on pace (and so I don't need to research it all again!)
**the nestie formerly known as karen2508**
This is so so helpful. We were just talking about it this past weekend.
Firechiefs, can you send me your financial advisor info? We could really use one. I'm at texaspersa at gmail dot com
Thanks!