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Started By
Message
Best Plan for Kid's College Funds
Posted on 10/4/13 at 3:31 pm
Posted on 10/4/13 at 3:31 pm
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
Chef
8
Posted on 10/4/13 at 3:35 pm to Outdoor Chef
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 10/4/13 at 3:36 pm
Posted on 10/4/13 at 3:35 pm to Outdoor Chef
Drugs
Posted on 10/4/13 at 3:39 pm to TDsngumbo
Drugs is a terrible plan
Posted on 10/4/13 at 3:40 pm to Outdoor Chef
I use a 529
Posted on 10/4/13 at 4:00 pm to Broke
quote:
And mine got Tops
What exactly is Tops? I don't think this was available when I was in school.
Posted on 10/4/13 at 4:15 pm to MWP
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
Posted on 10/4/13 at 4:20 pm to Broke
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.
Posted on 10/4/13 at 4:53 pm to MWP
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.
Posted on 10/4/13 at 5:01 pm to Broke
quote:You can also use the funds for private tuition as well.
It pays for any state funded school.
Posted on 10/4/13 at 5:56 pm to Outdoor Chef
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.
Posted on 10/4/13 at 6:10 pm to Outdoor Chef
Alabama resident, Vanguard-administered Alabama College Counts 529 Program, Vanguard Aggressive Growth Fund.
Posted on 10/4/13 at 6:25 pm to Sigma
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.
Posted on 10/4/13 at 7:00 pm to MWP
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.
Posted on 10/4/13 at 8:25 pm to Broke
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.
Posted on 10/4/13 at 10:17 pm to rmc
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.
Posted on 10/4/13 at 11:25 pm to MWP
Louisiana 529 plan for us. Vanguard funds.
Posted on 10/4/13 at 11:47 pm to Breadcrumbs
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.
Posted on 10/5/13 at 2:59 am to FootballNostradamus
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.
Eta: This applies to 529 plans. I don't know about tops.
This post was edited on 10/5/13 at 3:02 am
Posted on 10/5/13 at 5:57 am to Sigma
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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