To those with children I'm looking into saving up for Khristianna's college fund. I've received this thing in the mail,a nd was wondering if i should apply for it. www.gerberlife.com it's called the grow up plan it's basically life insurance for Tianna, till she's 21 it doubles and she can cash it out or something of that nature. or should i just open an account and just put money in there every month lol (i am so tempted i might spend it LOL) anyone have this or anything like this for their kids? should i apply? |
college funds Quote:
http://www.schwab.com/public/schwab/home/account_types/college_custodial/529?cmsid=P-992748&lvl1=home&lvl2=account_types&refid=P-1013550&refpid=P-999837 http://www.savingforcollege.com/intro_to_529s/ http://www.vanguard.com/VGApp/hnw/accounttypes/college/ATS529OverviewContent.jsp I used the old method, I refinanced .. and NOW she wants to go for her MA in Elem Ed. So here I go again .... hope this helped you somewhat! |
I have a 529 plan AND a prepaid college plan for our youngest. I would definately check your state out. With the inflation of college costs I figure we are going to save huge on the prepaid college plan. The 529 plan allows him a little more leeway on how the money is spent, but we have not put a lot in that plan (it is not making any money at this time). We just went the additional step this year and prepaid his dorm fees for a year. Florida has a scholarship program (good grades and SATs) and I am sure my son will get it. But at one time they were talking about not knowing if it would always be available and there are some restrictions to it. I figure now we have covered all bases. Now he tells me he is going to get a sports scholarship -- so far he has done whatever he has set out to do -- so I do not doubt him. :) Good luck! |
Another way to save up some money for college - a friend is doing this w/ her two kids - she writes a check to each child in the amount of $20 each week (she might have changed the amount to more now, I don't know). It is a tax write off (somehow) and the money goes into each of their college accounts at the bank (I guess some sort of savings account). While it is sitting there, it is earning interest (which was higher than what I thought it would be, but can't remember the exact amount). Anyway, she said that she started this when they were born and by the time they are 18, they will have a nice start. My MIL does a money market account that draws in alot of interest and stuff - I forgot how much it has grown since she started it a few months ago, but it has grown alot. I know this isn't really what you were looking into, but I thought I would share. In any way, these are good ways to save back some money. Good luck! |
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