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April 2013 Moms
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College Savings Fund

hatroopeshatroopes member
in April 2013 Moms
Since DD got quite a bit of cash as gifts for Christmas, along with what she got for her Christening a few months ago, we would like to start a college savings fund for her. If you're doing this, what kind do you have and why did you chhose to go with it? TIA!

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Re: College Savings Fund

  • MsAmeera25MsAmeera25 member
    edited December 2013
    We weren't sure so we did a regular minor savings account for now. We are thinking of doing a pre paid college program but we really need to get more info on the 529 vs pre paid. Hopefully more people chime in I remember back when we were pregnant we discussed this and there were a lot of good responses maybe u can search for it.

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  • MrsHartman7MrsHartman7 member
    We are looking into a whole life insurance policy.  DH thought it was way too morbid at first, but I think I have him talked around.  If LO needs $ for college he can take out some of the cash value and still have the remainder of the policy for the rest of his life.  A financial adviser I know has one that his grandfather started for him when he was born, says its the best thing anyone ever did for him.  He took a little cash for college and then 10 years later to start his business.
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  • ARJ6511ARJ6511 member
    We are planning on meeting with a financial advisor in the new year to discuss college savings. I'm thinking about a 529 plan. I'm not sure what a 539 is. 
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  • pinottoparenthoodpinottoparenthood member
    My husband is a financial adviser (lucky me, I never have to worry about that stuff!), and we have a 529 plan for Rhys.
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  • tondraluvtondraluv member
    I work in insurance and ancillary products so my job started a 529 as a gift for Brayden

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  • skidderdoskidderdo member
    We are using Utah's 529... excellent plan
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  • Kate_CKate_C member
    We have a 529 also for both kids. You can compare different states to see which ones have lower costs, better perks, etc. MN used to have special financial aid perks if you went to a state school and had the Mn 529 plan, but that fell victim to budget cuts. Other states may still have benefits like that though.

    Be prepared for the financial projections that say you should be saving $7294020 per month to be able to pay for college someday. ;)
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  • BellaBean76BellaBean76 member
    edited December 2013
    According to our financial advisor it will cost our LOs ~$500k for a decent school (not ivy, not state) for 4 years!?! Ugh. Edit: I did not mean that a state school was not decent...I went to one and got a great education....just meant something bt state vs. top $$$ school. ;)
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  • MKC12/22/2006MKC12/22/2006 member
    Kate_C said:

    We have a 529 also for both kids. You can compare different states to see which ones have lower costs, better perks, etc. MN used to have special financial aid perks if you went to a state school and had the Mn 529 plan, but that fell victim to budget cuts. Other states may still have benefits like that though.

    Be prepared for the financial projections that say you should be saving $7294020 per month to be able to pay for college someday. ;)

    Holy crap I can't save that much ever!
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  • danuli8danuli8 member
    We started a 529 this year for DS. @knitfaced, oof! That middle part with three kids sounds rough. My parents took out a home equity loan during the years they had two in college.
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  • Meggs2559Meggs2559 member
    We have a 529 for LO. We were also shocked with how much college was projected to be in 18 years. I was fortunate to have parents who could pay, but we will be paying for DH's loans up until LO goes to college probably. Boooooooo. Praying for that April 2013 big lotto win!
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  • hatroopeshatroopes member
    MrsHartman7 said:
    We are looking into a whole life insurance policy.  DH thought it was way too morbid at first, but I think I have him talked around.  If LO needs $ for college he can take out some of the cash value and still have the remainder of the policy for the rest of his life.  A financial adviser I know has one that his grandfather started for him when he was born, says its the best thing anyone ever did for him.  He took a little cash for college and then 10 years later to start his business.
    We have thought about doing this as well.

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