College Savings Plan

iVillage Member
Registered: 03-17-2009
College Savings Plan
14
Thu, 01-19-2012 - 7:28am

Have you started a savings plan for your 10-14's college education? If so, when did you start and what has been the best advice you have received so far? If not, do you plan to do so?

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Community Leader
Registered: 07-26-1999
Thu, 01-19-2012 - 1:33pm
I will be paying my student loans off for many years to come. I was fortunate to have a full ride for my associate's and 1/2 of my bachelor's was covered in grants, but the loans for 1/2 of a apabchelor's degree at a private college and then 2 years towards a mastre's that I didn't finish added up. I don't want Jordyn, or any of the kids, to have to deal with those kinds of student loans if possible.

I started buying savings bonds for Jordyn when she was born, it's not a lot, and my grandmother stopped giving gifts many years ago and buys a savings bond for each birthday and Christmas for the kids. She opted several years ago to start a savings account for jordyn, and her and my parents put money aside for her, and she just started the little girls an account each for college. We still won't have a lot for Jordyn when she goes to college, but that I'd where the college planning, AP testing, community college/dual enrollment classes come into play and discussions about not just picking a college for name, but for the entire picture, and that includes price. But she has also always known that she would have to work some while in college. I am hoping we at least have the first year of tuition and books set aside for her and the we can work on paying a portion the rest of the degree while she puts in a portion of tuition and books each year after that initial savings has run out. For the little girls, I am hoping in the next 2-3 years max we will begin an automatic withdrawal every month to help pay for their college.
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Avatar for bradleyteach
iVillage Member
Registered: 06-29-2001
Thu, 01-19-2012 - 7:34pm

I don't have anything for Ian except $1000 in a CD that my mom left for him and about $1000 in savings bonds. My main concern is Kayleigh, as she is first and definitely college bound. She never had a college savings account, most of her money is made up of inheritance money - some that I got from my mom, Dh is supposed to put money away from his dad's estate and this year, I've started putting a little away, plus she has some bonds and hopefully will be working this summer. Even now, she has to save half of her babysitting or other money that she earns, for college expenses.

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Avatar for turtleemom
iVillage Member
Registered: 07-25-2007
Fri, 01-20-2012 - 1:28pm

I would rather

Community Leader
Registered: 07-26-1999
Fri, 01-20-2012 - 5:20pm
I think both have their place. Jordyn has been very fortunate not to have a "typical" high school job and while coaching isn't her field of choice, it is something she loves to do and has given her some great new responsibilities and a ton more patience and people skills that she hasn't had before.

Oh, and OT, but Heather, Jordyn mentioned the other night in the car that the Butterfly House on Mackinaw Island also has a small reptile room that Zeph would likely enjoy.
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