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Re: LA 529 plan for college savings
Posted on 12/3/13 at 7:25 pm
Posted on 12/3/13 at 7:25 pm
What do I need to know about this before looking into this further? Any heads up that I should keep in mind as I look into this? Wife is due in March and I want to do something to ease the strain (as much as possible) for down the road.
4
Posted on 12/3/13 at 7:32 pm to green buddy
IIRC, one decision is whether to put it in your name (and transfer later) or in your child's name, which has implications on child's ability to get grants/scholarships later on, among other things.
Google 529 in my name vs child's name.
ETA: I'm not having kids any time soon, and I only researched this topic briefly. But this is the main thing I remember from my 30 minutes of research.
Google 529 in my name vs child's name.
ETA: I'm not having kids any time soon, and I only researched this topic briefly. But this is the main thing I remember from my 30 minutes of research.
This post was edited on 12/3/13 at 7:34 pm
Posted on 12/3/13 at 9:44 pm to green buddy
startsaving.la.gov has some good info
Posted on 12/3/13 at 9:48 pm to LSU6262
LSU6262, I've been there, and it certainly was very helpful. Just wanted some first hand opinions on who has done this, and what there experience has been.
THanks for the link!
THanks for the link!
Posted on 12/3/13 at 9:54 pm to green buddy
I do the MS 529 for my boy. I went with the 3% guaranteed option verses the managed account. No fees on the 3% one, and I want the lowest risk possible for this investment. Tax deductible for the 5% state income tax. I just put in a $150 a paycheck, twice a month, since he's only in first grade. It won't be all of his college expenses, but it should help when the time comes.
Posted on 12/3/13 at 9:59 pm to Gaston
Looking into this for my newborn. $300/month really won't cover it after 12 years?
Small Hijack:
Gaston, heard you're a physics guy too.
Small Hijack:
Gaston, heard you're a physics guy too.
Posted on 12/3/13 at 10:08 pm to ell_13
Yea, I graduated in 1997. Good times. I worked at CAMD for 5 years through undergrad and grad (EE).
I have no idea ho much college will cost, it just makes me feel better to save at least something. I started when he was 5, but we held him back in kindergarten.
I have no idea ho much college will cost, it just makes me feel better to save at least something. I started when he was 5, but we held him back in kindergarten.
Posted on 12/3/13 at 10:15 pm to Gaston
I graduated in '10 and got a job at a power generation company working in SCADA so I never went to graduate school.
I'm probably going to take a year to see how the finances work out with a kid before I change how I allocate everything.
I'm probably going to take a year to see how the finances work out with a kid before I change how I allocate everything.
Posted on 12/4/13 at 6:41 am to green buddy
The first thing you will need is for the child to be born and issued a social security number. Then from there it is easy as pie, and smart too.
Posted on 12/4/13 at 9:07 am to Janky
quote:
The first thing you will need is for the child to be born and issued a social security number. Then from there it is easy as pie, and smart too.
I'm having one next week. What do I need to know/do, Janky? I'd like to get this started, even if it's a very small amount at first, soon.
Posted on 12/4/13 at 9:50 am to CQQ
Once born and SSN issued go to the LA Start program website and setup an account online and off you go. It really is very easy.
Posted on 12/4/13 at 10:04 am to CQQ
Posted on 12/4/13 at 1:15 pm to yellowfin
Sorry I'm ignorant on this type of plan. What happens if they get a full ride to college? You can withdraw it all? If the oldest gets a free ride but you need it for another child, can you transfer the $$?
Posted on 12/4/13 at 1:17 pm to CQQ
Don't be sorry. Good questions. I'd like to know as well.
Posted on 12/4/13 at 1:32 pm to CQQ
you can transfer the money to another kid
you cannot withdraw unless you have qualified expenses without penalty
you cannot withdraw unless you have qualified expenses without penalty
Posted on 12/4/13 at 1:35 pm to yellowfin
So what happens if my son is a star athlete and gets a full ride? Surely once you know he won't need it, you can withdraw it, no?
Posted on 12/4/13 at 1:40 pm to CQQ
you can withdraw it and pay the 10% penalty
Posted on 12/4/13 at 4:46 pm to green buddy
quote:
LSU6262, I've been there, and it certainly was very helpful. Just wanted some first hand opinions on who has done this, and what there experience has been.
my wife did a bunch of research, we ended up in the Kansas plan and administer it through our Schwab account...
Posted on 12/4/13 at 8:38 pm to LSU6262
quote:
startsaving.la.gov has some good info
Best thing I ever did for my kids future. The START plan has been a win for me...
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