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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: Does anyone NOT have a college savings account for their kids?
Posted by BargainMama
My son is a senior and has no plans to attend college, so no college fund. But, he also has special needs, so college isn't a good fit for his specific needs. He will likely attend a vocational program through Boces next year, that we will just have to pay for (plus some help through the state's ACCESS-VR program for those with disabilities). Our goal is to open a business that will employ him AND others with disabilities. He currently goes to Boces for computer graphic arts, so thinking maybe a t-shirt printing type business would be a good fit. Not sure yet though!
that is fantastic!! there is a company in LI i believe that only employs people with autism and other spectrum disorders. I think I have it bookmarked somewhere. they do all sorts of screen printing and promotional items.
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Posted 10/16/16 12:46 PM  |
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Rosie0613
LIF Adolescent
Member since 8/10 875 total posts
Name:
Rosie
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Re: Does anyone NOT have a college savings account for their kids?
No we don't any savings accounts for DS. We have a 529 plan but its been funded with gifts he received when he was born and when he was baptized. IF we have extra money at the end of the year (which mostly depends on if I get a bonus or not) then we'll make a contribution. Otherwise, no.
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| Posted 10/16/16 12:47 PM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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Does anyone NOT have a college savings account for their kids?
No 529 plan. We have a savings account for him, mostly monetary gifts he receives. We both have personal savings aND a family savings. When the time comes well fund college from that, our paychecks, and/or they'll take out loans. I am more focused on saving for retirement and mine and DHs future. I have student loans, it's not the end of the world.
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| Posted 10/16/16 2:00 PM |
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ChilisWife
God Bless America
Member since 5/05 3570 total posts
Name:
A.K.
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Re: Does anyone NOT have a college savings account for their kids?
Im a little reluctant to do a 529 - even if it is funded with gifts etc. - because it isnt liquid and penalties are a lot if not used for college.
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| Posted 10/16/16 2:05 PM |
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Re: Does anyone NOT have a college savings account for their kids?
Posted by Peainapod
Posted by BargainMama
My son is a senior and has no plans to attend college, so no college fund. But, he also has special needs, so college isn't a good fit for his specific needs. He will likely attend a vocational program through Boces next year, that we will just have to pay for (plus some help through the state's ACCESS-VR program for those with disabilities). Our goal is to open a business that will employ him AND others with disabilities. He currently goes to Boces for computer graphic arts, so thinking maybe a t-shirt printing type business would be a good fit. Not sure yet though!
that is fantastic!! there is a company in LI i believe that only employs people with autism and other spectrum disorders. I think I have it bookmarked somewhere. they do all sorts of screen printing and promotional items.
Spectrum Designs. They were based in Port Washington not sure if they moved recently.
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| Posted 10/16/16 2:10 PM |
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Re: Does anyone NOT have a college savings account for their kids?
We have a regular savings account for her. Didn't want it tied up just for education. Every time it hits a set dollar amount I move it to a CD or something more long term.
Our plan is to offer her the same my parents offered me, pay for a SUNY tuition plus room and board or she can pay the difference for a private college.
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| Posted 10/16/16 2:12 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Does anyone NOT have a college savings account for their kids?
We have a regular saving account for each child. When we were doing better financially we put money in it each week but after a job loss and rising credit card bills we are just scraping by so those accounts have been stagnant for a while. It is what it is. We will help them with what they can when the time comes but if we can't then so be it, why should we feel guilty about that?
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| Posted 10/16/16 2:53 PM |
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Re: Does anyone NOT have a college savings account for their kids?
We have a 529 plan for both our kids and contribute monthly but that's because DH is in the financial/insurance field. If anyone is interested in a plan he is very knowledgable and can help you.
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| Posted 10/16/16 3:31 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Does anyone NOT have a college savings account for their kids?
Our twins aren't here yet but I know it will be hard for us. I was lucky my parents were able to afford a good chunk for me, however I still have student loans and DH also has a very significant amount. Currently our student loans are a few hundred less a month than our mortgage. My twins will be here in a few months, my savings plan is to open an account for each of them, all money for birthdays and events will be split evenly and put into the account. I plan to put $50 a month to start in there- not sure what my expenses will exactly be like when they get here. A few of DHs student loans will be paid off in about 5 years so that payment will then go into their account. Luckily for us, all our student loans will be paid off when they are about 13/14. I hope over time as we earn more to put more aside for them, but I will do what I can and help them out as much as I possibly can afford to. However I do feel they should take a small loan for school- like a stafford loan each year, even if it's only a few thousand- the subsidized ones don't gain interest while in school and I feel they need some responsibility towards their education. Whatever we don't have we will just take parent plus loans for as my parents did to help them pay. I want them to be better off than DH and I were.
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| Posted 10/16/16 3:51 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Does anyone NOT have a college savings account for their kids?
My kids have college funds but from my father and grandfather, not from dh or myself.
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| Posted 10/16/16 5:13 PM |
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Re: Does anyone NOT have a college savings account for their kids?
Posted by luvbuffet
doesn't it make sense to send your kid to public school since it's FREE and then pay for their college education? Why would anyone pay 8-10+k every year for private grammar school and high school then have their kids take out loans for college?
I mean, different people have different priorities. That is the answer--plain and simple.
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| Posted 10/16/16 5:19 PM |
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BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
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Re: Does anyone NOT have a college savings account for their kids?
Posted by BaseballWidow
Posted by Peainapod
Posted by BargainMama
My son is a senior and has no plans to attend college, so no college fund. But, he also has special needs, so college isn't a good fit for his specific needs. He will likely attend a vocational program through Boces next year, that we will just have to pay for (plus some help through the state's ACCESS-VR program for those with disabilities). Our goal is to open a business that will employ him AND others with disabilities. He currently goes to Boces for computer graphic arts, so thinking maybe a t-shirt printing type business would be a good fit. Not sure yet though!
that is fantastic!! there is a company in LI i believe that only employs people with autism and other spectrum disorders. I think I have it bookmarked somewhere. they do all sorts of screen printing and promotional items.
Spectrum Designs. They were based in Port Washington not sure if they moved recently.
Yes, they are still there! Way too far from us for my son to seek employment there though. But, that's where I got the idea...along with his current program at Boces.
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| Posted 10/16/16 5:26 PM |
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BigB
C & J are 10!
Member since 6/05 5914 total posts
Name:
Stacey
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Re: Does anyone NOT have a college savings account for their kids?
We have one but it is totally funded by my in-laws. Education is very important to them and to me too..LOL..But, I will be advising my children to go the cheapest route possible.
In addition, I am totally sticking it out in the DOE just to get my pension. We lost a lot of money in the market a few years ago and DH does not have a pension from his job.
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| Posted 10/16/16 6:12 PM |
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Bebelove
LIF Adolescent
Member since 8/12 742 total posts
Name:
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Re: Does anyone NOT have a college savings account for their kids?
Posted by Mrs213
We have a regular saving account for each child. When we were doing better financially we put money in it each week but after a job loss and rising credit card bills we are just scraping by so those accounts have been stagnant for a while. It is what it is. We will help them with what they can when the time comes but if we can't then so be it, why should we feel guilty about that?
This is exactly why we do not have a 529. We save for them in brokerage accounts. If all is well, the funds are there for them. If we have a job loss, or worse, the funds are there for us. The kids would likely get financial aid if we don't have an income for whatever reason (job loss, disability, illness, etc)
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| Posted 10/16/16 8:48 PM |
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Pinkisles
<3
Member since 11/13 2868 total posts
Name:
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Does anyone NOT have a college savings account for their kids?
My sister in law started one for my son for his christening, which I wasn't thrilled about (she's my BEC).
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| Posted 10/16/16 9:24 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Does anyone NOT have a college savings account for their kids?
I don't up to this year I have been paying 30k a year for daycare. Leaves me with zero money to be saving for hire college educations.
Once they are both out and we are comfortable I may consider opening accounts and pretending I am paying for daycare for a few years. Even if we have money for them. They will still have to take loans out under their own name if they pass school i would pay the loans off. If they don't They would be paying them back.
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| Posted 10/16/16 10:50 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Does anyone NOT have a college savings account for their kids?
Posted by luvbuffet
doesn't it make sense to send your kid to public school since it's FREE and then pay for their college education? Why would anyone pay 8-10+k every year for private grammar school and high school then have their kids take out loans for college?
I'm in total agreement, people have their reasons for going private/ religious and you have to do what works for your family but ultimately the money we save while my kids receive a public education goes into their 529 for college. So I hear you on this.
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| Posted 10/17/16 6:45 AM |
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BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
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Re: Does anyone NOT have a college savings account for their kids?
Posted by oldtimerocknroll
Posted by luvbuffet
doesn't it make sense to send your kid to public school since it's FREE and then pay for their college education? Why would anyone pay 8-10+k every year for private grammar school and high school then have their kids take out loans for college?
I mean, different people have different priorities. That is the answer--plain and simple.
I'm guessing because they are hoping for academic scholarships with that private school education.
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| Posted 10/17/16 7:21 AM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Does anyone NOT have a college savings account for their kids?
no...my son will take out a loan.
You have to be so careful. Most people put $$ away for their kids college, and forget to put $$ away for their own retirement.
Message edited 10/17/2016 8:27:57 AM.
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| Posted 10/17/16 8:26 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
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Re: Does anyone NOT have a college savings account for their kids?
I think if a family had to make a choice or prioritize saving, then 10/10 they should focus on their retirement savings with a goal of maxing out their retirement accounts. Then if money is available, they should save for their child's education. There are loans for college, there are no loans for retirement.
Now I will say, statistically, if you can save and invest 2000 a year starting when your child is born and earn 5 percent interest every year and save for 45 years you will end up with a million dollars.
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| Posted 10/17/16 8:39 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Does anyone NOT have a college savings account for their kids?
We have a savings account for each of them that we try to put money in occasionally but, money is tight, so it is mostly only when we get a tax refund. We will try to help but if anything they will have to get loans just like DH and I did.
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| Posted 10/17/16 8:54 AM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Re: Does anyone NOT have a college savings account for their kids?
We have savings accounts for each child but we don't kill ourselves to fund it - we put away what we can. Neither of us had college funds and we used loans and went to local schools. My DH is a blue collar worker and he is a huge advocate of trades and vocational schools.
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| Posted 10/17/16 9:13 AM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Does anyone NOT have a college savings account for their kids?
Nope. I paid my own way through college and I expect my kids will do the same. It's hard enough to save for retirement at this point with no pension and no retirement plans available to either DH or I. If we attempted to pay for college for our kids we would be screwing ourselves when it's time to retire. So, they will have to do what I did and take out loans.
We'll also be encouraging them to go to SUNY schools. DH went to a SUNY and it cost him half of what it cost me to attend a pretty prestigious private school. And in the end, DH makes well over double what I make. So, IMO attending a private school or a "good" school costs you a lot more and doesn't really mean much of anything in terms of salary or status when you graduate.
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| Posted 10/17/16 9:28 AM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Re: Does anyone NOT have a college savings account for their kids?
Posted by HomeIsWithU
So, IMO attending a private school or a "good" school costs you a lot more and doesn't really mean much of anything in terms of salary or status when you graduate.
I agree with this - my sister has a $200k degree from Boston University and she live in Brooklyn, works in a hair salon and is a freelance journalist. She has a rich boyfriend who helps fund her lifestyle LOL But those loans...
And college degrees simply don't have the pedigree they used to have. They are the "new" high school diploma.
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| Posted 10/17/16 9:33 AM |
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ChilisWife
God Bless America
Member since 5/05 3570 total posts
Name:
A.K.
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Re: Does anyone NOT have a college savings account for their kids?
Posted by Kitten1929
Posted by HomeIsWithU
So, IMO attending a private school or a "good" school costs you a lot more and doesn't really mean much of anything in terms of salary or status when you graduate.
I agree with this - my sister has a $200k degree from Boston University and she live in Brooklyn, works in a hair salon and is a freelance journalist. She has a rich boyfriend who helps fund her lifestyle LOL But those loans...
And college degrees simply don't have the pedigree they used to have. They are the "new" high school diploma.
Yes unfortunately this is very true. Not sure how so many private schools get away with charging 50k/yr tuition.
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| Posted 10/17/16 9:36 AM |
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