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

I would rather

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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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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iVillage Member
Registered: 12-06-1999
Thu, 01-19-2012 - 1:18pm

Don't underestimate the value that work experience has in the college application process.

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iVillage Member
Registered: 07-25-2007
Thu, 01-19-2012 - 12:03pm

The best advice we received was every bit helps.

iVillage Member
Registered: 01-13-1999
Thu, 01-19-2012 - 11:31am

The ILs have started a college fund for the grandchildren. DD and DS also have savings accounts with money in them that is specifically for college. DD is planning to take advantage of our school district's Dual Enrollment plan starting next year, and if she qualifies for it, she will graduate from HS with 2 years of college credit.

iVillage Member
Registered: 01-13-1999
Thu, 01-19-2012 - 11:27am
((Chelle)) We had considered starting a 529 plan for our kids when we lived in Alabama, but never did so, as we were not sure if we would be staying in Alabama.
iVillage Member
Registered: 12-06-1999
Thu, 01-19-2012 - 10:20am
Unless, they plan on going somewhere private and very expensive, we should be fine. But I don't think that will happen, at least with DS. The both were given some money from my parents estates and we have some saved. DH and I had no parental help, but we plan to help with undergrad, the rest is on them. We also expect they hold down some type of job. DS is looking for a summer job and has a few leads. .
iVillage Member
Registered: 11-19-2010
Thu, 01-19-2012 - 9:16am

Don't get me started on this.

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