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Message
re: Best Plan for Kid's College Funds
Posted on 10/5/13 at 6:59 am to Breadcrumbs
Posted on 10/5/13 at 6:59 am to Breadcrumbs
quote:
I thought even the highest brackets get 2% match in LA
That may actually be the case and I just overlooked the match when looking over the statement from 2012.
Broke -- any thoughts on why you chose American Funds 529 over State of La?
1
Posted on 10/5/13 at 8:04 am to FootballNostradamus
quote:
So what does the state get out of it?
Off the top of my head possibly a small % in administrative fees.
Posted on 10/5/13 at 10:38 am to FootballNostradamus
quote:
How do yal know where your kid is going to go when he selects his college? I feel like there's no way I could select a specific state.
In the case of a guaranteed tuition plan, the state pays for your kid's school, regardless of what state he attends, the going rate on the average university of the state you paid into.
Posted on 10/5/13 at 7:52 pm to Outdoor Chef
If the kid didn't qualify for TOPS, I'm sure as hell ain't coddling and enabling to pay for college.
I *might* help him on loans after the fact if he gets his shot together.p
I *might* help him on loans after the fact if he gets his shot together.p
Posted on 10/5/13 at 9:15 pm to shutterspeed
MS no longer allows enrollment into the MPACT plan that locks in the tuition. They are planning to open it back up at some point but it won't be the same. Basically they figured out it was too good to be true. Fortunately I got my son enrolled a fee months before they closed it, so we are locked in.
Posted on 10/5/13 at 9:22 pm to Bubba Bexley
quote:
MS no longer allows enrollment into the MPACT plan that locks in the tuition. They are planning to open it back up at some point but it won't be the same. Basically they figured out it was too good to be true. Fortunately I got my son enrolled a fee months before they closed it, so we are locked in.
Samesies.
I'm on the 5yr university plan. Intending to send son to jr college for the first two years to save even more money though. Maybe he can use the difference for grad school.
This post was edited on 10/5/13 at 9:24 pm
Posted on 10/5/13 at 9:28 pm to shutterspeed
quote:
In the case of a guaranteed tuition plan, the state pays for your kid's school, regardless of what state he attends, the going rate on the average university of the state you paid into.
So is there a reason everyone wouldn't just google whichever state has the highest average tuition for state universities and then just all contribute to this state's fund?
Posted on 10/5/13 at 9:36 pm to FootballNostradamus
quote:
So is there a reason everyone wouldn't just google whichever state has the highest average tuition for state universities and then just all contribute to this state's fund?
I don't think every state offers a guaranteed tuition-paid program.
Posted on 10/6/13 at 4:14 pm to Outdoor Chef
quote:
Let's face it, they dont all meet the TOPS requirements.
Also not all kids want to go to public schools in Louisiana
Posted on 10/7/13 at 8:38 am to rmc
quote:
Broke -- any thoughts on why you chose American Funds 529 over State of La?
Because I made too much money to get the match and American Funds has historically been very good to me and my clients. They offer every fund within the 529. So I chose them.
Posted on 10/7/13 at 8:44 am to Broke
I'm in Michigan's 529. Lowest administrative costs and good history of return. Virginia was very good in my research as well.
Mississippi's was amazing before they shut it down.
Mississippi's was amazing before they shut it down.
Posted on 10/7/13 at 8:55 am to anc
I am a big fan of the LA Start Program.
Posted on 10/7/13 at 11:08 am to Broke
quote:
Because I made too much money to get the match
unless I'm misunderstanding the disclosure docs, any AGI of $100,000+ and above still gets a 2% match (called an earnings enhancement) plus a state tax deduction, unless the account owner is not related to the child beneficiary. We've never not gotten it.
But I know you have great trust for American Funds and that factored greatly into your decision.
Posted on 10/7/13 at 11:58 am to Breadcrumbs
quote:
But I know you have great trust for American Funds and that factored greatly into your decision.
And investing in it cost me nothing because I am an advisor. So that played a role also.
Posted on 10/7/13 at 12:50 pm to Janky
quote:
I am a big fan of the LA Start Program.
I plan on setting a couple up here soon for my son and daughter. Can the money be rolled into an IRA later on if the child never needs it for college?
Posted on 10/7/13 at 1:52 pm to StinkBait72
quote:
I plan on setting a couple up here soon for my son and daughter. Can the money be rolled into an IRA later on if the child never needs it for college?
No
Posted on 10/7/13 at 2:14 pm to Broke
The fees kinda scared me away from the American funds 529. I'm use to low expense ETFs.
Going to run some #s and see what I'm lOsing by going away from La 529. I hate the very limited selection.
Going to run some #s and see what I'm lOsing by going away from La 529. I hate the very limited selection.
Posted on 10/7/13 at 2:20 pm to rmc
Don't let fund fees be the determining factor in any investment.
Posted on 10/7/13 at 3:40 pm to rmc
quote:
I'm use to low expense ETFs.
quote:
I hate the very limited selection.
Yeah, it's just low cost Vanguard index funds in LA Start. There's the 4 lifestyle options: conservative portlio, income portlio, moderate portfolio and growth portfolio. Then there's any combination you want of the Total Stock Index, Total World Index, Total Int'l Index, Mid-cap, Small Cap, and Large cap Indexes. Or the Louisiana Principal Protection Fund at 2.5%.
For actively managed funds, you'll pay more and have more choices elsewhere.
Posted on 10/7/13 at 3:54 pm to Broke
quote:
quote:
I plan on setting a couple up here soon for my son and daughter. Can the money be rolled into an IRA later on if the child never needs it for college?
No
So say the child gets a full ride or TOPS is still around (I doubt this) and their is more then what is needed in the fund. Is it just withdrawn with a penalty/tax, or is their anything else that can be done with it?
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