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re: Does anyone NOT save for your kids college?
Posted on 8/15/13 at 5:18 am to meeple
Posted on 8/15/13 at 5:18 am to meeple
IMO, a person should save for retirement to the max.
If you have money leftover, I guess 529/Coverdell are ok.
Some of this depends on your income level. It may disqualify you from certain financial aid if you have substantial college savings- because those funds are looked at as 100% belonging to the kid.
Of course, I have Coverdell and 529's for both kids, and transferred my GI bill to them.
I believe with the out of control costs, many will go to community college/local college, then transfer to wherever they can fulfill their degree requirements.
If you have money leftover, I guess 529/Coverdell are ok.
Some of this depends on your income level. It may disqualify you from certain financial aid if you have substantial college savings- because those funds are looked at as 100% belonging to the kid.
Of course, I have Coverdell and 529's for both kids, and transferred my GI bill to them.
I believe with the out of control costs, many will go to community college/local college, then transfer to wherever they can fulfill their degree requirements.
1
Posted on 8/15/13 at 6:04 am to makersmark1
quote:
IMO, a person should save for retirement to the max. If you have money leftover, I guess 529/Coverdell are ok.
100% agree. We did not stray from retirement plan, we simply invest more. We're looking for ROGI, return on genetic investment
The saving account we get 1.5% on also is very interactive and fun, teaches kids about value of savings, why I'm such a huge proponent of local banks.
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