Best Plan for Kid's College Funds | TigerDroppings.com

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Outdoor Chef
LSU Fan
Zachary
Member since Sep 2011
480 posts

Best Plan for Kid's College Funds


Wife is pregnant with our first, and time to research some options to start saving for kid's college. Let's face it, they dont all meet the TOPS requirements. Thanks for your time.
Chef







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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55961 posts

re: Best Plan for Kid's College Funds


quote:

Wife is pregnant with our first, and time to research some options to start saving for kid's college. Let's face it, they dont all meet the TOPS requirements. Thanks for your time.
Chef


I used the American Funds College plan for my kids. And I'm a financial advisor. Very close to you actually. And mine got Tops



This post was edited on 10/4 at 3:36 pm


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TDsngumbo
LSU Fan
Member since Oct 2011
5164 posts
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re: Best Plan for Kid's College Funds


Drugs





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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55961 posts

re: Best Plan for Kid's College Funds


Drugs is a terrible plan





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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
69000 posts

re: Best Plan for Kid's College Funds


I use a 529





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MWP
Alabama Fan
Kingwood, TX via Monroe, LA
Member since Jul 2013
3642 posts

re: Best Plan for Kid's College Funds


quote:

And mine got Tops


What exactly is Tops? I don't think this was available when I was in school.






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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55961 posts

re: Best Plan for Kid's College Funds


quote:

What exactly is Tops? I don't think this was available when I was in school.


They essentially pay for tuition. And depending on how well you do on the ACT, they could give you a small stipend of either $400 or $800






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MWP
Alabama Fan
Kingwood, TX via Monroe, LA
Member since Jul 2013
3642 posts

re: Best Plan for Kid's College Funds


quote:

They essentially pay for tuition. And depending on how well you do on the ACT, they could give you a small stipend of either $400 or $800


Strictly ACT score or is GPA a factor too? Does it matter where you are at in your graduating class?

Finally, does it pay tuition to any school in the state? Seems like a no-brainer to pick LSU.






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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55961 posts

re: Best Plan for Kid's College Funds


quote:

Strictly ACT score or is GPA a factor too? Does it matter where you are at in your graduating class?


Your GPA and your ACT score are somehow factored into whether you receive TOPS or not. It pays for any state funded school.






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ell_13
USA Fan
Alex Box
Member since Apr 2013
21867 posts

re: Best Plan for Kid's College Funds


quote:

It pays for any state funded school.
You can also use the funds for private tuition as well.






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shutterspeed
Southern Miss Fan
Da Sipp
Member since May 2007
33950 posts
 Online 

re: Best Plan for Kid's College Funds


Find yourself a state guaranteed college fund. Do you have family in another state (Mississippi, for example, offers an excellent plan)? Purchase a plan that locks in today's rates. You aren't going to find a safer investment that keeps pace with the inflation of college tuition.





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Sigma
Michigan State Fan
Fairhope, AL
Member since Dec 2005
1870 posts

re: Best Plan for Kid's College Funds


Alabama resident, Vanguard-administered Alabama College Counts 529 Program, Vanguard Aggressive Growth Fund.





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MWP
Alabama Fan
Kingwood, TX via Monroe, LA
Member since Jul 2013
3642 posts

re: Best Plan for Kid's College Funds


quote:

Vanguard-administered Alabama College Counts 529 Program


Can a non resident contribute to this? Pretty well got #1 taking care of with our Roth IRA's for my son to go to Alabama based on Out of State tuition and cost of living. I have figured about $20K a semester. #2 will be going 8 years later. Got some time there but gonna be rough catching hers with rising tuition in that time frame plus saving for our retirement.






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Sigma
Michigan State Fan
Fairhope, AL
Member since Dec 2005
1870 posts

re: Best Plan for Kid's College Funds


quote:

Can a non resident contribute to this?


You can contribute to any state's 529 plan, you just get a state tax break if you use your home state's plan. Go to Vanguard's site and see the states where they administer the plans. I would pick one of those, even if your state is not on the list.






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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22518 posts

re: Best Plan for Kid's College Funds


I currently utilize Louisiana's 529 program. I am thinking about using another investment vehicle. Louisiana gives you a tax break and a match. Of course, both depends on your income. I'm to the point where I don't get a match. Also, the investment options are really limited, but I would assume most 529s are similar in that regard. Thinking about going a different route.





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Breadcrumbs
LSU Fan
Baton Rouge
Member since May 2005
2864 posts

re: Best Plan for Kid's College Funds


I thought even the highest brackets get 2% match in LA, plus a state income tax deduction for contributions up to $4800 per kid for married folk. It's vanguard funds, lots of index choices from them. Owners of the account or the kid/beneficiary Must be LA residents. Can be used for any accredited school in country. No brainier for LA residents I would think. Always highly ranked in 529 offerings comparatively I believe.





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ragacamps
LSU Fan
Member since Jan 2011
2163 posts

re: Best Plan for Kid's College Funds


Louisiana 529 plan for us. Vanguard funds.





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FootballNostradamus
Clemson Fan
Member since Nov 2009
13620 posts

re: Best Plan for Kid's College Funds


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.





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Sigma
Michigan State Fan
Fairhope, AL
Member since Dec 2005
1870 posts

re: Best Plan for Kid's College Funds


The state plan you choose has nothing to do with the state in which you use the money.

Eta: This applies to 529 plans. I don't know about tops.



This post was edited on 10/5 at 3:02 am


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FootballNostradamus
Clemson Fan
Member since Nov 2009
13620 posts

re: Best Plan for Kid's College Funds


quote:

The state plan you choose has nothing to do with the state in which you use the money.


So what does the state get out of it?






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