College funds

Discussion in 'The First Year' started by w101ttd, Feb 22, 2011.

  1. w101ttd

    w101ttd Well-Known Member

    Do you have college saving funds for your twins? We have an investment account for them. It's doing good. However, husband and I talked we wanted to open education fund accounts through our employers. We can put in like 10% of our paycheck ( tax fee)/ month. I just wonder how other parents do this for their kids. Tia! Tia!
     
  2. eagleswings216

    eagleswings216 Well-Known Member

    We have savings for them - it is a money market account that we can add money to whenever we want. Our employers don't offer any sort of fund, so we are doing it ourselves.
     
  3. MrsWright

    MrsWright Well-Known Member TS Moderator

    We just have a regular old savings account for them:)
     
  4. Utopia122

    Utopia122 Well-Known Member

    I have a college fund for all of my children through our state. We can use the funds for any college in the state or out of state. My state actually has an option where you can pay for all four years of college now at today's rate, which is what I wish I could do. You choose what type of college you think they may go to (private or state) and then pay the number years you choose (1 to 4 or more). If they choose not to go to my home state of KY, then they can apply it to another state, you will just have to cover the difference. I think any type of provision for their future is a good investment.

    ETA: You should check out what your state has. Most states have something in place that you can deposit directly into.
     
  5. w101ttd

    w101ttd Well-Known Member

    I have never heard of this. I will check my state. Thank you. It's an excellent idea.
     
  6. eagleswings216

    eagleswings216 Well-Known Member

    Our state has a college fund, too. My concern is, what if they decide not to go to college?? Then what happens to all that money? I think I'd rather have it in an account where I can access it, and not necessarily have it tied to college attendance. We have already said that if our boys decide to not go to college, they can use the money for a down payment on their first house. I hope they will go to college, but, I'm not going to make any assumptions.
     
  7. Cjoy

    Cjoy Well-Known Member

    We also did a college fund; In NY it is a 529 fund. It can be used for any college/trade school of their choice, but must be for educational training. I believe they can withdraw it for cash, but with a penalty if not using it for education. We suggest deposits in lieu of gifts for the boys, as they are only 7 months and do not need much yet. The deposits can be made right online by other parties, or they can mail in a check.
     
  8. w101ttd

    w101ttd Well-Known Member

    Ohio has college saving fund 529 too. I dont think we have paid in advance college fund here. I havent looked into it yet which i will and enroll this week though.

    Here is what we plan on doing. When they turn 15, we will have a serious discussion. If you go to college, your college tuition will be paid in full and your living exspenses will be paid as much as we can. But if you decide to skip college, you wont get any penny and be on your own.

    College tuition has been skyrocking for yeah and it will continue flying up. I plan on going back to school. I checked my school tuition.. its so expensive. But this time, I try to make my company pay for it :). My husband and I so worry that it will cost our kids a fortune / they wont be able to pay for college in the future. Or they wont be offered student loans. who knows!!!
     
  9. I will be glad to help you. I had the same question some time ago. Now I know, what is a digital bank. Good luck!
     
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