Parents: How Are You Saving for College?

**Sassy Cassie** · 09-14-2006, 12:30 PM

I currently reviewing college savings plans and was hoping that some of the insightful users of LS1.com could offer some advice. It seems that there are so many different options. How do I go about choosing one?

**third_shift|studios** · 09-14-2006, 12:31 PM

INGdirect.com

**ramrod** · 09-14-2006, 12:41 PM

Originally Posted by Sassy Cassie

I currently reviewing college savings plans and was hoping that some of the insightful users of LS1.com could offer some advice. It seems that there are so many different options. How do I go about choosing one?

Join The Military !! Worked for me. Hey!! WE WANT YOU...

**nosfed** · 09-14-2006, 12:44 PM

Originally Posted by Sassy Cassie

I currently reviewing college savings plans and was hoping that some of the insightful users of LS1.com could offer some advice. It seems that there are so many different options. How do I go about choosing one?

Alot depends on the age of the kids and obviously how much you make. Me personally, we put 400/month away considering it to be another car payment. After 5 years it really adds up. If you can't afford it, put 150/month away. It is amazing how you can find money when you need to.

**Sassy Cassie** · 09-14-2006, 12:46 PM

Originally Posted by ramrod

Join The Military !! Worked for me. Hey!! WE WANT YOU...

My husband has deicated enough of his life to the service of this country. I'm not saying that my children shouldn't serve. I just think that our family has paid our dues and we'd both like to offer them other options.

**Sassy Cassie** · 09-14-2006, 12:49 PM

Originally Posted by nosfed

Alot depends on the age of the kids and obviously how much you make. Me personally, we put 400/month away considering it to be another car payment. After 5 years it really adds up. If you can't afford it, put 150/month away. It is amazing how you can find money when you need to.

We've got the means to put money away. I'm just looking for investments that will offer a higher yeild over time.

**nosfed** · 09-14-2006, 12:52 PM

Originally Posted by Sassy Cassie

We've got the means to put money away. I'm just looking for investments that will offer a higher yeild over time.

How many years until the first of how many is going to college? There are simple cd's all the way up to investing in say mutual funds with an aggressive growth, taking more risk of course. What we did was figure out an average college yearly cost including books, living, food etc... and then we figured out how many years and that told us how much to save. We then took that and invested some of it in low risk as we have time.

**third_shift|studios** · 09-14-2006, 12:53 PM

i think i figured if i put away 100 a month when my kid is borne, after the intrest, etc they'll have like 20-25k CASH for college.

BadBlueBird* · 09-14-2006, 12:54 PM

I guess Ill be staying in GA and praying for HOPE

**Sassy Cassie** · 09-14-2006, 01:01 PM

I have two children. My oldest is nine and my youngest is two. I've been looking over different plans (i.e. prepaid, 529, etc.) and I'm just not sure which would be the best option.

**Silver Streak** · 09-14-2006, 01:02 PM

Damn... I wish my parents would have done that for me... but then again, then I wouldn't have worked so hard with the many jobs and orginazations and stuff.. and wouldn't have the experiences and qualifications I do... could go either way. Good luck with that.

**nosfed** · 09-14-2006, 02:11 PM

Originally Posted by Sassy Cassie

I have two children. My oldest is nine and my youngest is two. I've been looking over different plans (i.e. prepaid, 529, etc.) and I'm just not sure which would be the best option.

well you have 9 years give or take. Do you have a 401k? Check and see if you can take a loan out on that for college. My place allows it and then I have to repay the loan with interest which in fact is paying myself back anyway.

**Bigrus** · 09-14-2006, 02:25 PM

Originally Posted by nosfed

well you have 9 years give or take. Do you have a 401k? Check and see if you can take a loan out on that for college. My place allows it and then I have to repay the loan with interest which in fact is paying myself back anyway.

I hear doing that is a bad idea that in the end you lose a little bit of money. Also some companies have to have it payed back by a certain time.

**Sassy Cassie** · 09-14-2006, 03:02 PM

I don't have a 401k so that isn't an option for me right now.

**nosfed** · 09-14-2006, 05:28 PM

Originally Posted by Bigrus

I hear doing that is a bad idea that in the end you lose a little bit of money. Also some companies have to have it payed back by a certain time.

Very true, you have to look into what your 401k offers. I would prefer to lose just a little bit of money in the long run by borrowing from myself then have to pay a large amount of money in the form of interest taking out a equity loan or a personal loan. If you can find a solid investment early enough with a good but safe return then it helps. That is why mid agressive mutual funds can be a safe investment.

Sassy Cassie, check with your bank and even look into investment advisers as well. They can steer you in the right direction.

**Zboner** · 09-14-2006, 05:39 PM

do what my parents did, tell them their own there own after high school if they want to go to college they will pay for them selves if they dont then its their choice

**Silver Streak** · 09-14-2006, 05:42 PM

Oh, I had no choice... I HAD to go to college.. but I HAD to pay for it too... still not quite sure how that worked out.... but thats over and done with.. I survived to hear the first words out of my dad's mouth after I got my diploma was, "Well, you proved me wrong." :O WTF??

**ramrod** · 09-14-2006, 07:22 PM

Originally Posted by Sassy Cassie

My husband has deicated enough of his life to the service of this country. I'm not saying that my children shouldn't serve. I just think that our family has paid our dues and we'd both like to offer them other options.

My fiance, and have talked about that . We came up with this ... If our kids want college, simple (there taking a loan out like we did) We will support them in any aspect down payment on a home, paying for a wedding, or defin buying them a car, I have a degree, and I feel it opened the doors slightly for my career, but my fiance she has a MD. The practice she works at now payed off all her debt. My parents offered to pay for my schooling , but I turned them down knowing my heart belonged to The Army, and always will. Good luck wish you the best.

**hotrodd** · 09-14-2006, 09:40 PM

Sassy, you need professional help.

Oops that came out wrong. I mean you need a professional investment advisor.

**hotrodd** · 09-14-2006, 09:50 PM

I forgot how to tell you how I did it. When I found out my daughter was coming, I immediately went and put 20,000 in the bank for college.
By the time she was 21, this account had close to 80,000 dollars.