College Saving Plans

[themoneycollector]

I will provide a slightly different perspective.

Don't save in a 529 or any college fund for your children unless you have your own retirement funds covered first and foremost.

College loans are easy to apply for and receive. There's no such thing as a retirement loan (well maybe something creative like reverse mortgages, but then you're losing your home). So when the need arises, your kids will have options available for them to receive college loans at decent rates (there are many deferred and no interest loans as well).

[Blueface]

Originally Posted by themoneycollector

I will provide a slightly different perspective.

Don't save in a 529 or any college fund for your children unless you have your own retirement funds covered first and foremost.

College loans are easy to apply for and receive. There's no such thing as a retirement loan (well maybe something creative like reverse mortgages, but then you're losing your home). So when the need arises, your kids will have options available for them to receive college loans at decent rates (there are many deferred and no interest loans as well).

Good advice but in his case, looks like his parents are doing the same thing I did for my two grandchildren, ensuring their future education.

As mentioned, in FL, we have the prepaid college fund, at today's prices, locking it in, with no future increases. That works out quite well. As an example, I bought my grandson's five years ago for $25,000. In January, I got my granddaughter's and it was almost $60,000. Don't want to know what it will be in 18 years.
15 years ago, I paid $8,000 for my daughter's and $7,000 for my son's

[floydpink]

Originally Posted by Blueface

Good advice but in his case, looks like his parents are doing the same thing I did for my two grandchildren, ensuring their future education.

As mentioned, in FL, we have the prepaid college fund, at today's prices, locking it in, with no future increases. That works out quite well. As an example, I bought my grandson's five years ago for $25,000. In January, I got my granddaughter's and it was almost $60,000. Don't want to know what it will be in 18 years.
15 years ago, I paid $8,000 for my daughter's and $7,000 for my son's

I'm almost half paid for my daughter's and it was $18,000 prepaid and 100 bucks comes out of my checking account each month.

Kinda apples and oranges unless the state you live in has prepaid college.

I'd never want to strap my child down with paying off student loans and come from a family that believes you owe it to your child to put them through college, then they're on their own.