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eroxgirl
My Loves
Member since 5/05 15697 total posts
Name:
Rebecca
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Re: Does anyone NOT have a college savings account for their kids?
Posted by VickiC
We do have a 529 account, but it's been funded with money that they've been given from family & friends for birthdays and Christmas. We will contribute when we can, hopefully in the next few years.
Same here. I don't make contributions to their accounts at all. I have to worry about retirement first. Right now I can retire, but only if I die in a year.  
Message edited 10/17/2016 9:45:01 AM.
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Posted 10/17/16 9:44 AM  |
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Long Island Weddings
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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?
Posted by ChilisWife
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.
It's insane. Almost 10 years ago I was paying $63K/year to attend a private school. And that was with several scholarships. I had transferred from another school, so my total loan amount was a little over $120K by the time I graduated. That was STILL more than what my DH paid for 4 full years at a SUNY.
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| Posted 10/17/16 9:46 AM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: Does anyone NOT have a college savings account for their kids?
Posted by evrythng4areason
We don't.
We focus on saving for ourselves first-401k, paying off our mortgage, putting money in our own savings account. At this point, the latest our house will be paid off is when dd1 is a sophomore in college. Our thought is that by creating a large financial safety net for ourselves, we will be in a better place to help them if they need it.
That being said, we also don't plan on paying for our kids college tuition. Helping them in some way, yes. Paying for it? Absolutely not. They can earn scholarships and take out loans just like dh and I did.
Almost this.
But our plan is that if we must, we can re-fi our house. We only have one kiddo. We hope to help her any way we can but at the same time, yes she needs to do this on her own.
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| Posted 10/17/16 9:49 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19453 total posts
Name:
L
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Re: Does anyone NOT have a college savings account for their kids?
Posted by HomeIsWithU
Posted by ChilisWife
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.
It's insane. Almost 10 years ago I was paying $63K/year to attend a private school. And that was with several scholarships. I had transferred from another school, so my total loan amount was a little over $120K by the time I graduated. That was STILL more than what my DH paid for 4 full years at a SUNY.
200,000 for undergrad? How can anyone make enough to realistically pay that back, plus live, and I am not including saving for the future? I don't think going into $200k debt for an undergraduate degree is worth it for any school. You will become an indentured servant. It might be better to just save up and give the cash to the child with community or state college than paying that much money. There becomes a point of no return on investment dollars, and I think we as a society may have reached it.
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| Posted 10/17/16 12:50 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Does anyone NOT have a college savings account for their kids?
I contribute to their 529s mainly for the tax play so I only contribute to the cap for that.
Anything above that is saved or invested separately for liquidity purposes.
And ITA focus on retirement savings first for sure!
ETA: I saw Malcolm Gladwell speak on the benefits of a presitigous school that you barely got into vs a state school that you got easily got into... Success rates are MUCH higher for the latter. It was very interesting! I think he covers it in the book David & Goliath.
Message edited 10/17/2016 1:04:22 PM.
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| Posted 10/17/16 12:56 PM |
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Re: Does anyone NOT have a college savings account for their kids?
I follow the Dave Ramsey plan and he also says as others have mentioned to max out your retirement contribution first, before you start saving for college. I am not maxed out yet but I got impatient and opened up a 529. I would rather my kids not take out loans if I can help it.
I too feel bad though bc I graduated with no loans. My mom footed the bill. Granted I stayed in NY. My mom already opened up a huge savings bond for college for both kids but honestly if it werent for her I wouldnt be as fortunate as I am now. She has given my kids and I a good head start. The only problem I have is that while yes I work alongside Ivy Leaguers who paid a pretty penny to go to school, they are all younger than me, and my bosses. So like everything the choice of school comes with some risk/reward.
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| Posted 10/17/16 3:23 PM |
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Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
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Re: Does anyone NOT have a college savings account for their kids?
Posted by evrythng4areason
We don't.
We focus on saving for ourselves first-401k, paying off our mortgage, putting money in our own savings account. At this point, the latest our house will be paid off is when dd1 is a sophomore in college. Our thought is that by creating a large financial safety net for ourselves, we will be in a better place to help them if they need it.
That being said, we also don't plan on paying for our kids college tuition. Helping them in some way, yes. Paying for it? Absolutely not. They can earn scholarships and take out loans just like dh and I did.
This.
and that is what every financial advisor i've read online has said
that being said, we have put some $ in because i want to at least get him started a bit.
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| Posted 10/19/16 11:13 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Does anyone NOT have a college savings account for their kids?
Posted by Mrs&MrsK
Posted by evrythng4areason
We don't.
We focus on saving for ourselves first-401k, paying off our mortgage, putting money in our own savings account. At this point, the latest our house will be paid off is when dd1 is a sophomore in college. Our thought is that by creating a large financial safety net for ourselves, we will be in a better place to help them if they need it.
That being said, we also don't plan on paying for our kids college tuition. Helping them in some way, yes. Paying for it? Absolutely not. They can earn scholarships and take out loans just like dh and I did.
This.
and that is what every financial advisor i've read online has said
that being said, we have put some $ in because i want to at least get him started a bit.
All of this.
Honestly I hope that they choose SUNYs or CUNYs for undergrad so DH and I can pay it off as they go. We are working on paying down our debt and our mortgage ASAP so we have the ability to cash flow their undergrad degrees. We also have an added bonus of an 8 year age gap so by the time DD #1 is out we have some time to recoup before DD #2 enters.
I don't think that $200K of loans for an undergrad degree is worth it at all in any field and I would never co-sign to that for either of my girls.
I know someone who currently owes $100K for his daughters undergrad degree in music and she is currently out of school over 3 years and working as a receptionist. Meanwhile him and his ex are struggling to make a crazy huge student loan payment. Sorry but that's crazy to me. No undergrad degree is worth that much no matter what field.
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| Posted 10/19/16 11:55 AM |
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MrsM84
LIF Adult
Member since 2/13 2352 total posts
Name:
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Does anyone NOT have a college savings account for their kids?
I have a 529 account that I set up for DD when she was born. I put $150 a month into it. By the time she is 17 and graduates from high school, there will be a little over $30000 in the account. That will be DH and my contribution to her education. My mother also has an account set up for her that she very generously contributes to monthly. So between those 2 accounts, that will be what DD gets for her college education. Anything necessary above that (which I am well aware there will be) will have to be funded either through scholarships or student loans, just like DH and myself did. Any money we get from relatives for holidays and/or birthdays, I put into a separate savings account that I have access to at any time. I'm thinking that money will likely go to buying DD a used car when she becomes of age to drive.
I also contribute monthly to a 403b plan for retirement (although I don't max it out -- probably should increase my contribution) and am very lucky to be a teacher with a pension.
Message edited 10/19/2016 12:04:27 PM.
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| Posted 10/19/16 12:01 PM |
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busymomonli
Resident Insomniac
Member since 4/13 2046 total posts
Name:
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Re: Does anyone NOT have a college savings account for their kids?
Posted by jellybean78
Posted by Mrs&MrsK
Posted by evrythng4areason
We don't.
We focus on saving for ourselves first-401k, paying off our mortgage, putting money in our own savings account. At this point, the latest our house will be paid off is when dd1 is a sophomore in college. Our thought is that by creating a large financial safety net for ourselves, we will be in a better place to help them if they need it.
That being said, we also don't plan on paying for our kids college tuition. Helping them in some way, yes. Paying for it? Absolutely not. They can earn scholarships and take out loans just like dh and I did.
This.
and that is what every financial advisor i've read online has said
that being said, we have put some $ in because i want to at least get him started a bit.
All of this.
Honestly I hope that they choose SUNYs or CUNYs for undergrad so DH and I can pay it off as they go. We are working on paying down our debt and our mortgage ASAP so we have the ability to cash flow their undergrad degrees. We also have an added bonus of an 8 year age gap so by the time DD #1 is out we have some time to recoup before DD #2 enters.
I don't think that $200K of loans for an undergrad degree is worth it at all in any field and I would never co-sign to that for either of my girls.
I know someone who currently owes $100K for his daughters undergrad degree in music and she is currently out of school over 3 years and working as a receptionist. Meanwhile him and his ex are struggling to make a crazy huge student loan payment. Sorry but that's crazy to me. No undergrad degree is worth that much no matter what field.
Sadly, even a SUNY (if they live on campus) is $24K per year. The cost of college is crazy.
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| Posted 10/19/16 12:17 PM |
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Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
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Re: Does anyone NOT have a college savings account for their kids?
Posted by Salason
I contribute to their 529s mainly for the tax play so I only contribute to the cap for that.
Anything above that is saved or invested separately for liquidity purposes.
And ITA focus on retirement savings first for sure!
ETA: I saw Malcolm Gladwell speak on the benefits of a presitigous school that you barely got into vs a state school that you got easily got into... Success rates are MUCH higher for the latter. It was very interesting! I think he covers it in the book David & Goliath.
what's the cap again?
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| Posted 10/19/16 12:29 PM |
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Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
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Re: Does anyone NOT have a college savings account for their kids?
Posted by MrsM84
I have a 529 account that I set up for DD when she was born. I put $150 a month into it. By the time she is 17 and graduates from high school, there will be a little over $30000 in the account. That will be DH and my contribution to her education. My mother also has an account set up for her that she very generously contributes to monthly. So between those 2 accounts, that will be what DD gets for her college education. Anything necessary above that (which I am well aware there will be) will have to be funded either through scholarships or student loans, just like DH and myself did. Any money we get from relatives for holidays and/or birthdays, I put into a separate savings account that I have access to at any time. I'm thinking that money will likely go to buying DD a used car when she becomes of age to drive.
I also contribute monthly to a 403b plan for retirement (although I don't max it out -- probably should increase my contribution) and am very lucky to be a teacher with a pension.
this is before any returns, hopefully it will be even higher with! compounding & all that :)
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| Posted 10/19/16 12:31 PM |
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Leb
LIF Adult
Member since 12/09 4166 total posts
Name:
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Does anyone NOT have a college savings account for their kids?
My dd has a 529 account from my parents and my grandma. When her other grandparents give money I put in a youth account in her name. She gets $200 saved per month. It's not a huge amount but it's added up! If I get tax money back I'll take 1k and throw in for her. So am trying to save for her bit by bit without it having an impact on retirement and other bills.
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| Posted 10/19/16 2:02 PM |
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EandF
LIF Adult
Member since 11/11 1674 total posts
Name:
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Re: Does anyone NOT have a college savings account for their kids?
We have custodial savings accounts. I would love to contribute but DH and I just have too many bills between mortgage, taxes, and DD's school. We put all monetary gifts in their accounts. I think my parents will likely help pay for college, but if not, we'll do what we can and so will they.
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| Posted 10/21/16 8:51 PM |
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WahmBam
LIF Adolescent
Member since 2/14 555 total posts
Name:
Mom
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Re: Does anyone NOT have a college savings account for their kids?
Unfortunately we do not have it at this time. We have a savings account for our son but not a college account. The savings account is for money that he receives. We let him spend some, save some.
I would love to start one. However, we just can't really do it right now.
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| Posted 10/22/16 10:04 AM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Does anyone NOT have a college savings account for their kids?
Posted by busymomonli
Posted by jellybean78
Posted by Mrs&MrsK
Posted by evrythng4areason
We don't.
We focus on saving for ourselves first-401k, paying off our mortgage, putting money in our own savings account. At this point, the latest our house will be paid off is when dd1 is a sophomore in college. Our thought is that by creating a large financial safety net for ourselves, we will be in a better place to help them if they need it.
That being said, we also don't plan on paying for our kids college tuition. Helping them in some way, yes. Paying for it? Absolutely not. They can earn scholarships and take out loans just like dh and I did.
This.
and that is what every financial advisor i've read online has said
that being said, we have put some $ in because i want to at least get him started a bit.
All of this.
Honestly I hope that they choose SUNYs or CUNYs for undergrad so DH and I can pay it off as they go. We are working on paying down our debt and our mortgage ASAP so we have the ability to cash flow their undergrad degrees. We also have an added bonus of an 8 year age gap so by the time DD #1 is out we have some time to recoup before DD #2 enters.
I don't think that $200K of loans for an undergrad degree is worth it at all in any field and I would never co-sign to that for either of my girls.
I know someone who currently owes $100K for his daughters undergrad degree in music and she is currently out of school over 3 years and working as a receptionist. Meanwhile him and his ex are struggling to make a crazy huge student loan payment. Sorry but that's crazy to me. No undergrad degree is worth that much no matter what field.
Sadly, even a SUNY (if they live on campus) is $24K per year. The cost of college is crazy.
Not only that but SUNY is now highly competitive because its less $ than private. I think a community college and getting a great GPA the 1st 2 years and transferring to a 4 year SUNY and having a job that shows experience is a smart route for many.
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| Posted 10/22/16 11:16 AM |
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YourMama
LIF Adult
Member since 4/11 913 total posts
Name:
YourMama
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Re: Does anyone NOT have a college savings account for their kids?
We do have a 529 account for my kids. Most of the money they get for their birthdays goes into that account as well as a small percentage of my husband's paycheck. We have 3 kids so I don't think it will cover 4 years of college but I hope they'll be grateful for whatever we can contribute toward college
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| Posted 10/22/16 2:40 PM |
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BabyLove08
Love her!
Member since 2/08 3673 total posts
Name:
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Does anyone NOT have a college savings account for their kids?
Yes, we will pay for my daughter's college tuition. My Mom paid for my Undergrad Degree and my Grandparents paid for my Graduate Degree. My husband on the other hand didn't have any help and still pays college loans. We don't want our daughter to have to go through the "struggle".
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| Posted 10/22/16 9:16 PM |
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