Saving for college

[TooTechie]

Most employers allow you to contribute to a 529 plan (to save for your kids' college) & have it drafted directly from your paycheck but doing a search for 529 on the upsers site I get no results & also not finding any discussion about it on BC.

Anyone know if we can or better yet, does anyone here do it?

 

[Jackburton]

I'm in Georgia and use our plan. Here's a good rundown on plans in other states and how to set them up.
Clark's 529 Guide | www.clarkhoward.com

 

[Brownslave688]

Unless your already maxing your retirement contributions and know you'll be set in retirement u shouldn't be putting away for a kids college.

Your kids have lots of ways to pay for college. Only one way to pay for retirement. Plus I think a 529 plan must be used for college? You'll get reamed on taxes if the kid gets a scholarship or doesn't go to college.

 

[brownmonster]

Unless your already maxing your retirement contributions and know you'll be set in retirement u shouldn't be putting away for a kids college.

Your kids have lots of ways to pay for college. Only one way to pay for retirement. Plus I think a 529 plan must be used for college? You'll get reamed on taxes if the kid gets a scholarship or doesn't go to college.

Do not use retirement money for your kids college. Would our parents have gone into debt to fund our college educations? I think not.

 

[wilberforce15]

Unless your already maxing your retirement contributions and know you'll be set in retirement u shouldn't be putting away for a kids college.

Your kids have lots of ways to pay for college. Only one way to pay for retirement.

Ditto to Brownslave. If you're already maxing a 401k ($17,500 per year) and a Roth for yourself and your wife ($5500 each per year, $6500 each per year if you're over 50), and you have absolutely no debt (including house), then feel free to go for the 529.

I'm going to go ahead and guess that's not the case, so my advice would be to take care of those things first.

 

[brownboxman]

My kids did just fine funding their own. I don't understand people at my center taking extra years working to pay for their kids college. one of mine even got the Casey scholly, $6000 per year.

 

[Cementups]

My wife thinks we are going to pay for 75% of our kids college. I DON'T THINK SO!!!! If they want to go they can go the old fashion way. They can earn it.

 

[Brownslave688]

My wife thinks we are going to pay for 75% of our kids college. I DON'T THINK SO!!!! If they want to go they can go the old fashion way. They can earn it.

Lol biggest thing is make sure they go for a REAL degree that they can use. College has gotten so expensive it's not worth it for most degrees. Well a large 4 year isn't worth it.

My wife thinks we are going to pay for all of our kids school. I told her sure. After they graduate and find a job in their field of study. I'm not paying for my kids degree if its in southwestern Indian culture studies and they get a job in sales.

 

[brownboyups]

Lol biggest thing is make sure they go for a REAL degree that they can use. College has gotten so expensive it's not worth it for most degrees. Well a large 4 year isn't worth it.

My wife thinks we are going to pay for all of our kids school. I told her sure. After they graduate and find a job in their field of study. I'm not paying for my kids degree if its in southwestern Indian culture studies and they get a job in sales.

if your kid wants to study toad poop you should pay...sounds like to me you care about money more than giving your kids every advantage you can

 

[IVE GOTTA PACKAGE 4U]

Lol biggest thing is make sure they go for a REAL degree that they can use. College has gotten so expensive it's not worth it for most degrees. Well a large 4 year isn't worth it.

My wife thinks we are going to pay for all of our kids school. I told her sure. After they graduate and find a job in their field of study. I'm not paying for my kids degree if its in southwestern Indian culture studies and they get a job in sales.

Pay more now..or have them live in your house forever!!! Do the math!

 

[Operational needs]

I made the mistake of paying for half of my daughter's 4 and a half years of college (degree in women's studies and criminology). Three years later, she's bartending at The Cheesecake Factory. :-(

 

[Justaname]

Lol biggest thing is make sure they go for a REAL degree that they can use. College has gotten so expensive it's not worth it for most degrees. Well a large 4 year isn't worth it.

My wife thinks we are going to pay for all of our kids school. I told her sure. After they graduate and find a job in their field of study. I'm not paying for my kids degree if its in southwestern Indian culture studies and they get a job in sales.

I have countless friends with bachelor degrees that can't find jobs. I have an associates degree that has sat in my trunk sense I graduated. If I were to go back it would be for something computer or robotic related.

 

[IVE GOTTA PACKAGE 4U]

I made the mistake of paying for half of my daughter's 4 and a half years of college (degree in women's studies and criminology). Three years later, she's bartending at The Cheesecake Factory. :-(

HEY...you did your job!! She will find her way! You did your best to give your child a shot at being something better. One day she will see!!!

 

[uber]

I'm going to tell my (future) kids to start collecting pop cans. Ain't no free ride.

 

[Brownslave688]

if your kid wants to study toad poop you should pay...sounds like to me you care about money more than giving your kids every advantage you can

I agree. Teaching my kids not to waste money on something no one will pay you to do is a great life lesson. The earlier you learn life's lessons the better advantage u have.

 

[bbsam]

I went to college for four years but never graduated. LOVED every minute of it and plan to do as much as I can to help them have the experience. Whether or not that propels them into a lucrative and fulfilling career is beyond my soothsaying acumen. But to its shaping of character and opening of minds and challenging preconceived notions, that is something I don't question and something I find an invaluable experience.

 

[brownmonster]

The only ones in my family that will have college debt are the kids. I help as much as I can but I will not borrow or tap my retirement.

 

[PiedmontSteward]

I made the mistake of paying for half of my daughter's 4 and a half years of college (degree in women's studies and criminology). Three years later, she's bartending at The Cheesecake Factory. :-(

At least she didn't get bachelor's in history just to be a shop steward at UPS.

My parents were completely unable/unwilling to help me with college and actually kicked me out the door about half way through and I'm probably better off for it. I struggled a little bit and took out some loans for tuition at a public university; UPS tuition reimbursement just doesn't cut it these days with rising tuition costs. While my degree didn't translate into the $60,000+/year job that people tend to expect to land immediately after college, it was still worth every penny.

That being said, if someone is shelling out $100k+ for a four year liberal arts degree at a private college and they end up waiting tables.. then there's a problem.

 

[Babagounj]

Skip college , send them to a trades school .
Having a valuable skill set is worth more than anything today .
Try getting them to be marine mechanics which there is a shortage of .
All the rich have their yachts and are willing to pay big bucks to keep them running .