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Saving for LO's college

Amber&RevaAmber&Reva member
in LGBT Parenting

What have you all set up for your little ones/future little ones college fund?  All I know is that college is just going to keep costing more so I want to start saving very soon but wanted to know what fellow bumbies have found or are doing to save for their little ones future education.  I just don't want this baby to be paying off student loans into her 40s.   I know I can do a 529 account through my 401k but didn't know if this was the best option or not.  Does anyone have any feedback on 529 accounts.

Thank You for your advice/insight!!!

Me: 30  DP: 30

TTC#1

IUI#1 9/26/13 BFN

IUI#2 10/26/13 BFP beta #1 99 #2 456

2/20/2014 Brynlee Madeline is taken too soon at 19weeks she was perfect

IUI#3 6/10/14 BFP beta #1 276 beta #2 722 20w A/S shows we are having a girl

 

 

 

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Re: Saving for LO's college

  • ball.and.chainball.and.chain member
    I think a 529 is probably the standard -- that's what we have set up for B.  We don't contribute to it at the moment (because daycare!) but our dads like to and every now and then someone gives us money for his college fund so we stick it in there.

    In MA there is also something called U.Plan that is essentially prepaid college tuition.  You pay toward their future tuition at today's rates.  It's run by MEFA and I think it may only apply to certain colleges and universities, all of which are in MA, so it is somewhat limiting if I understand it correctly.
    https://www.mefa.org/uplan/

    My BIL is a financial adviser and recommended putting money into both types of plans, but I don't necessarily want to limit B to MA schools.

    We also set up a custodial savings account for him with our regular bank.  My aunt likes to contribute to it but wants him to be able to use it for something other than college.  The idea is that when he is 16, he could put that money toward his first car or something. 
    Married my wife 8/2007 ~ TTC #1 since 7/2011
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  • mrs&mrskmrs&mrsk member
    We r setting up a 529 from the 1st year. I met with a planner today who said that it's best to do it in a state you reside in because the best benefit is the tax write off. If you have residence in more than one state, there are different benefits from state to state.
    Married 9~20~13
    L- 34 M- 29
    First IUI (L) 5/27/2014 triggered- BFP
    Singleton due 2/17/15


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