The one year old I started a college fund for back in 2004 was just recently accepted to college. He received several scholarships, took courses for college credit in high school, and will be living at home attending an in-state public university. All that means I don’t need as much in college savings as all those financial calculators said I did. Check out what options we’re looking withdrawing the extra, and revisit an old friend – the College Compact – in action.
saving for college
Today I’m excited to bring you a post all about one of my favorite subjects, saving for college. You know it’s one of my favorites because I have a whole page about it here. Bonus – this post is being brought to you courtesy of my states 529 plan, CHET – the Connecticut Higher Education […]
When I read the latest study in “How America Pays for College”, I knew I had to share my thoughts. As the mother of a high school freshmen, I’m keenly interested in college funding, how to pay for it, and how much it really costs. Come see my reflections on the current state of paying for college in America.
“Your kids can get loans for college, but you can’t get loans for retirement”. This is not always true. When you’re evaluating your college saving and spending strategy, you need to keep in mind that if you earn a high income your children might not be eligible for loans. Read all about when this makes sense, and when it doesn’t.
A college compact can help you to set priorities and goals for college saving and spending. It’s an agreement you make with yourself and your kids on what you will-and won’t-do when it comes to college. Laying this out ahead of time is a great way to make sure everyone’s on the same page, expectations are set correctly, and you both are clear on what the families priorities are.
Whenever a birthday or holiday comes up, it’s a great opportunity to ask for the gift of college funding as a present. If you do that consistently over many years, you’ll find that over time your kids will develop a significant amount of funds to go towards college. In this article I break down the different college gifting options by state.