Comments on: My Simple College Savings Plan http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/ Debt Reduction Rocks - We Are Living Debt Free! Sat, 21 Nov 2009 11:44:22 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: Tips for Saving Money in College | Mother 2 Student http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/comment-page-1/#comment-144642 Tips for Saving Money in College | Mother 2 Student Tue, 27 Jan 2009 02:55:50 +0000 http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/#comment-144642 [...] 529/ESA plans. Educational Savings Plan offers tax savings on future [...] [...] 529/ESA plans. Educational Savings Plan offers tax savings on future [...]

]]> By: 136 Tips for Saving Money in College : BlogInvest http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/comment-page-1/#comment-12205 136 Tips for Saving Money in College : BlogInvest Sun, 13 May 2007 16:17:54 +0000 http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/#comment-12205 [...] 529/ESA plans. Educational Savings Plan offers tax savings on future [...] [...] 529/ESA plans. Educational Savings Plan offers tax savings on future [...]

]]> By: timeoutx http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/comment-page-1/#comment-747 timeoutx Fri, 16 Feb 2007 08:55:58 +0000 http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/#comment-747 Depending on your state I'd also highly recommend a 529. http://clarkhoward.com/topics/529_guide.html For instance where I live (Michigan) I pay no Federal or State Tax on 529 contributions and my state will put $200 in my 529 provided I put $600 in before my kid is 7. Also 529's can be used by adults. My Fiance is a teacher & is required to have 'continuing education'. We'll put her funds in a 529 and save a ton on taxes. Depending on your state I’d also highly recommend a 529.

http://clarkhoward.com/topics/529_guide.html

For instance where I live (Michigan) I pay no Federal or State Tax on 529 contributions and my state will put $200 in my 529 provided I put $600 in before my kid is 7.

Also 529’s can be used by adults. My Fiance is a teacher & is required to have ‘continuing education’. We’ll put her funds in a 529 and save a ton on taxes.

]]> By: NCN http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/comment-page-1/#comment-730 NCN Fri, 16 Feb 2007 01:27:54 +0000 http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/#comment-730 Fivecentnickel, If the Hope scholarship is still around, and her grades are okay, then she should get free tuition, thus drastically reducing the eventual total costs. But, I'd rather be "safe than sorry." As we get closer to when she actually goes off to college, I'll have a better understanding of the actual amount I need to save. The good thing about the ESA, you can withdraw money for any educational expense, at any educational level, and you can transfer the money to another family member, if need be. Fivecentnickel,
If the Hope scholarship is still around, and her grades are okay, then she should get free tuition, thus drastically reducing the eventual total costs. But, I’d rather be “safe than sorry.” As we get closer to when she actually goes off to college, I’ll have a better understanding of the actual amount I need to save. The good thing about the ESA, you can withdraw money for any educational expense, at any educational level, and you can transfer the money to another family member, if need be.

]]> By: fivecentnickel.com http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/comment-page-1/#comment-729 fivecentnickel.com Fri, 16 Feb 2007 00:58:30 +0000 http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/#comment-729 If she goes to Univ of GA or GA Southern (and the laws don't change), she should get free tuition on the Hope scholarship, right? If she goes to Univ of GA or GA Southern (and the laws don’t change), she should get free tuition on the Hope scholarship, right?

]]> By: MERLE SNEED http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/comment-page-1/#comment-677 MERLE SNEED Wed, 14 Feb 2007 19:27:20 +0000 http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/#comment-677 NCN, My attitude was that I would do what I could and we would figure out the rest when we got there. Your project 50 thousand or so is a really good start. I wouldn't get frustrated or cut your family short over it. At the rate you are going you will be in great shape financially when the kid is ready for college, so you should be able to augent the college savings then or she may have to work a bit herself. I have one child with a doctorate and another with a masters and it all worked out okay. You're doing great! Merle. NCN,

My attitude was that I would do what I could and we would figure out the rest when we got there. Your project 50 thousand or so is a really good start. I wouldn’t get frustrated or cut your family short over it.

At the rate you are going you will be in great shape financially when the kid is ready for college, so you should be able to augent the college savings then or she may have to work a bit herself.

I have one child with a doctorate and another with a masters and it all worked out okay.

You’re doing great!

Merle.

]]> By: Sun http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/comment-page-1/#comment-676 Sun Wed, 14 Feb 2007 19:18:40 +0000 http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/#comment-676 As a parent, I don't want my daughter to shoulder the burden though there's nothing wrong with her working part-time (which could also be a valuable experience to her) to pay part of her tuition. It just doesn't sound too good to me when I have the ability to help her. Why use only ESA instead of a 529 which has a much higher limits? The only reason I can think of using ESA is that money saved can also be used to pay, for example, high school expenses. But I don't think there are many parents want to do that. As a parent, I don’t want my daughter to shoulder the burden though there’s nothing wrong with her working part-time (which could also be a valuable experience to her) to pay part of her tuition. It just doesn’t sound too good to me when I have the ability to help her. Why use only ESA instead of a 529 which has a much higher limits? The only reason I can think of using ESA is that money saved can also be used to pay, for example, high school expenses. But I don’t think there are many parents want to do that.

]]> By: NCN http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/comment-page-1/#comment-674 NCN Wed, 14 Feb 2007 18:56:16 +0000 http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/#comment-674 She'll more than likely attend the University of Georgia or Georgia Southern University. Both are public universities. The estimated cost for a year of college at UGA (for 2006) was right at 15K. She’ll more than likely attend the University of Georgia or Georgia Southern University. Both are public universities. The estimated cost for a year of college at UGA (for 2006) was right at 15K.

]]> By: gen3ric http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/comment-page-1/#comment-673 gen3ric Wed, 14 Feb 2007 18:11:34 +0000 http://www.ncnblog.com/2007/02/14/my-simple-college-savings-plan/#comment-673 That's great, I wish my parents had done that. Are you assuming your daughter will go to a private school? Or out of state? A state school is much cheaper and if you live within a commuting distance to one, the living costs drop drastically, if you let her live at home. I managed to pay for all my college education by living at home and working, a lot. However I think my estimated cost for university (tuition only) was probably less than $15,000. Though I understand that it'll cost way more in the future =( That’s great, I wish my parents had done that. Are you assuming your daughter will go to a private school? Or out of state? A state school is much cheaper and if you live within a commuting distance to one, the living costs drop drastically, if you let her live at home. I managed to pay for all my college education by living at home and working, a lot. However I think my estimated cost for university (tuition only) was probably less than $15,000. Though I understand that it’ll cost way more in the future =(

]]>