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re: How much are you saving for your kids education??
Posted on 6/15/15 at 7:25 pm to threeputt
Posted on 6/15/15 at 7:25 pm to threeputt
I have 3 left to put through college. One is 12 and twin 6 year olds. What I did was set a number ($100k per child) to have in an account by the time they graduate high school. I got a late start on all 3. So, I put $2,600/month into a Capital One 360 account. I didn't do the 529 because I am under the impression it would have to be used on education expenses. However, in a savings account I can have a nice windfall of they choose not to go or get scholarships!
1
Posted on 6/15/15 at 7:48 pm to CypressTiger665
quote:
I didn't do the 529 because I am under the impression it would have to be used on education expenses. However, in a savings account I can have a nice windfall of they choose not to go or get scholarships!
Ok but the benefit of 529s is that they are not taxed if used for qualified college expenses. If your child gets a scholarship then you can use that money for books or room and board, transfer it to another child, save it to pay for their grad school or withdraw it and spend it on yourself.
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