OT: Saving for children’s college

[Former SD resident]

What type of account do you think is the best? I’m leaning toward Coverdell so we can control the investment more. We don’t anticipate reaching the income limit for some time as I will be out of work while our children are little so it will be at least 5 years. While it would be nice if we had the extra money to fully fund a 529 I don’t think we ever would b/c #1 don’t believe in spending outrageous $$ on ivy schools and #2 we think the child should have some “skin” in the game if they decide to go to college. I know too many people who went to college for a few years wasting there parents money just so they wouldn’t have to work. Any other account suggestions? Thanks!

[UCGal]

We have 529’s set up.
What I like about them – they are owned by the parent, not the child… Heaven forbid your child turns out to be a loser… but it could happen. And if that happens, the money is still mine, and I can use it for the sibling.

What I don’t like – limited investment options. We have the Nevada/Vanguard one and there is a lack of transparency into what the funds hold – you pick your risk tolerance (conservative to aggressive) and they balance it based on years till it’s needed. Vanguard 529’s also don’t interface with Quicken… (unlike other Vanguard accounts.)

Like you, we don’t plan to fund an ivy league education… We’re targeting UC or CSU schools – and at a poverty lifestyle (no funding for spring break trips, and meals will likely be raman)…

As far as the skin in the game thing… I plan on offering the same deal my parents offered me: Public school fees/books paid for and money towards (but not fully funding) rent/expenses. B average minimum or the kid is cut off. And the degree has to be something that leads to a job. (No offense to liberal arts majors – but I’m not paying for my kids to study art, english lit, history, etc… unless they fully commit to a teaching credential as well. Engineering, nursing, etc are encouraged. It’s amazing what motivation you get if you know you have to show mom and dad the report card in order for the next semesters tuition to be paid.

[UCGal]

We have 529’s set up.
What I like about them – they are owned by the parent, not the child… Heaven forbid your child turns out to be a loser… but it could happen. And if that happens, the money is still mine, and I can use it for the sibling.

What I don’t like – limited investment options. We have the Nevada/Vanguard one and there is a lack of transparency into what the funds hold – you pick your risk tolerance (conservative to aggressive) and they balance it based on years till it’s needed. Vanguard 529’s also don’t interface with Quicken… (unlike other Vanguard accounts.)

Like you, we don’t plan to fund an ivy league education… We’re targeting UC or CSU schools – and at a poverty lifestyle (no funding for spring break trips, and meals will likely be raman)…

As far as the skin in the game thing… I plan on offering the same deal my parents offered me: Public school fees/books paid for and money towards (but not fully funding) rent/expenses. B average minimum or the kid is cut off. And the degree has to be something that leads to a job. (No offense to liberal arts majors – but I’m not paying for my kids to study art, english lit, history, etc… unless they fully commit to a teaching credential as well. Engineering, nursing, etc are encouraged. It’s amazing what motivation you get if you know you have to show mom and dad the report card in order for the next semesters tuition to be paid.

[UCGal]

We have 529’s set up.
What I like about them – they are owned by the parent, not the child… Heaven forbid your child turns out to be a loser… but it could happen. And if that happens, the money is still mine, and I can use it for the sibling.

What I don’t like – limited investment options. We have the Nevada/Vanguard one and there is a lack of transparency into what the funds hold – you pick your risk tolerance (conservative to aggressive) and they balance it based on years till it’s needed. Vanguard 529’s also don’t interface with Quicken… (unlike other Vanguard accounts.)

Like you, we don’t plan to fund an ivy league education… We’re targeting UC or CSU schools – and at a poverty lifestyle (no funding for spring break trips, and meals will likely be raman)…

As far as the skin in the game thing… I plan on offering the same deal my parents offered me: Public school fees/books paid for and money towards (but not fully funding) rent/expenses. B average minimum or the kid is cut off. And the degree has to be something that leads to a job. (No offense to liberal arts majors – but I’m not paying for my kids to study art, english lit, history, etc… unless they fully commit to a teaching credential as well. Engineering, nursing, etc are encouraged. It’s amazing what motivation you get if you know you have to show mom and dad the report card in order for the next semesters tuition to be paid.

[UCGal]

We have 529’s set up.
What I like about them – they are owned by the parent, not the child… Heaven forbid your child turns out to be a loser… but it could happen. And if that happens, the money is still mine, and I can use it for the sibling.

What I don’t like – limited investment options. We have the Nevada/Vanguard one and there is a lack of transparency into what the funds hold – you pick your risk tolerance (conservative to aggressive) and they balance it based on years till it’s needed. Vanguard 529’s also don’t interface with Quicken… (unlike other Vanguard accounts.)

Like you, we don’t plan to fund an ivy league education… We’re targeting UC or CSU schools – and at a poverty lifestyle (no funding for spring break trips, and meals will likely be raman)…

As far as the skin in the game thing… I plan on offering the same deal my parents offered me: Public school fees/books paid for and money towards (but not fully funding) rent/expenses. B average minimum or the kid is cut off. And the degree has to be something that leads to a job. (No offense to liberal arts majors – but I’m not paying for my kids to study art, english lit, history, etc… unless they fully commit to a teaching credential as well. Engineering, nursing, etc are encouraged. It’s amazing what motivation you get if you know you have to show mom and dad the report card in order for the next semesters tuition to be paid.

[UCGal]

We have 529’s set up.
What I like about them – they are owned by the parent, not the child… Heaven forbid your child turns out to be a loser… but it could happen. And if that happens, the money is still mine, and I can use it for the sibling.

What I don’t like – limited investment options. We have the Nevada/Vanguard one and there is a lack of transparency into what the funds hold – you pick your risk tolerance (conservative to aggressive) and they balance it based on years till it’s needed. Vanguard 529’s also don’t interface with Quicken… (unlike other Vanguard accounts.)

Like you, we don’t plan to fund an ivy league education… We’re targeting UC or CSU schools – and at a poverty lifestyle (no funding for spring break trips, and meals will likely be raman)…

As far as the skin in the game thing… I plan on offering the same deal my parents offered me: Public school fees/books paid for and money towards (but not fully funding) rent/expenses. B average minimum or the kid is cut off. And the degree has to be something that leads to a job. (No offense to liberal arts majors – but I’m not paying for my kids to study art, english lit, history, etc… unless they fully commit to a teaching credential as well. Engineering, nursing, etc are encouraged. It’s amazing what motivation you get if you know you have to show mom and dad the report card in order for the next semesters tuition to be paid.

[Former SD resident]

Thanks UCGal. I believe the Coverdell is parent owned too, just that the limits are 2k vs. 13K for the 529. And I completely agree with you on the major, must be something that we deem as “employable”, they can double major if they like but 1 has to be business, engineering, etc.. at least if they want me to help pay for it.

[Former SD resident]

Thanks UCGal. I believe the Coverdell is parent owned too, just that the limits are 2k vs. 13K for the 529. And I completely agree with you on the major, must be something that we deem as “employable”, they can double major if they like but 1 has to be business, engineering, etc.. at least if they want me to help pay for it.

[Former SD resident]

Thanks UCGal. I believe the Coverdell is parent owned too, just that the limits are 2k vs. 13K for the 529. And I completely agree with you on the major, must be something that we deem as “employable”, they can double major if they like but 1 has to be business, engineering, etc.. at least if they want me to help pay for it.

[Former SD resident]

Thanks UCGal. I believe the Coverdell is parent owned too, just that the limits are 2k vs. 13K for the 529. And I completely agree with you on the major, must be something that we deem as “employable”, they can double major if they like but 1 has to be business, engineering, etc.. at least if they want me to help pay for it.

[Former SD resident]

Thanks UCGal. I believe the Coverdell is parent owned too, just that the limits are 2k vs. 13K for the 529. And I completely agree with you on the major, must be something that we deem as “employable”, they can double major if they like but 1 has to be business, engineering, etc.. at least if they want me to help pay for it.

[looking]

I had heard that 529s set up by parents are counted toward the kid’s financial aid but that if the child has a 529 set up by someone else (ie. grandparent) that it doesn’t count. Does anyone know if this is true??

[looking]

I had heard that 529s set up by parents are counted toward the kid’s financial aid but that if the child has a 529 set up by someone else (ie. grandparent) that it doesn’t count. Does anyone know if this is true??

[looking]

I had heard that 529s set up by parents are counted toward the kid’s financial aid but that if the child has a 529 set up by someone else (ie. grandparent) that it doesn’t count. Does anyone know if this is true??

[looking]

I had heard that 529s set up by parents are counted toward the kid’s financial aid but that if the child has a 529 set up by someone else (ie. grandparent) that it doesn’t count. Does anyone know if this is true??

[Author]

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