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wo0shply
LIF Adult
Member since 11/08 2702 total posts
Name:
Tass
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College Fund
Did any one set one up for their kids? If so which program did you sign up for and can other contribute, if so how do they contribute?
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Posted 1/2/13 1:34 PM  |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: College Fund
529 savings.
DH also has tuition remission for 8 semesters for our children at the university he teaches at. I am  that University is still around and they have programs my kids are interested in 
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| Posted 1/2/13 2:10 PM |
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wo0shply
LIF Adult
Member since 11/08 2702 total posts
Name:
Tass
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College Fund
i know what you mean my dh and i both work for colleges we hope she wants to stay in state
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| Posted 1/2/13 2:13 PM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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College Fund
We met with a financial adviser at our credit union who recommended the vangaurd 529. His institution doesn't even offer them but he said it was our best bet and to just open it online on our own. We haven't set it up yet but plan to soon.
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| Posted 1/2/13 2:16 PM |
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Strawberry2468
It's summatime
Member since 3/09 4739 total posts
Name:
Christine
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Re: College Fund
We have upromise and a 529 we add to.
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| Posted 1/2/13 2:40 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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College Fund
529 for college savings.
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| Posted 1/2/13 3:17 PM |
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BeachGrl
LIF Adult
Member since 10/11 2140 total posts
Name:
Kristy
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College Fund
Yes we opened a 529
We also opened a separate savings account for any gift money they get
Message edited 1/2/2013 7:42:21 PM.
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| Posted 1/2/13 3:24 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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College Fund
We have a 529 and a savings acct for him
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| Posted 1/2/13 4:34 PM |
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dmf
LIF Infant
Member since 11/11 181 total posts
Name:
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College Fund
nys 529 plan- it's tax deductble on your ny taxes upto 10,000 per year I think:
https://uii.nysaves.s.upromise.com/content/home.html
Message edited 1/2/2013 5:11:11 PM.
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| Posted 1/2/13 5:10 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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College Fund
How is a 529 more beneficial than say an interest savings acct with ING? What happens if they don't use the money for college?
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| Posted 1/2/13 7:16 PM |
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jam11308
Member since 11/07 7273 total posts
Name:
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College Fund
We also have a 529 for each child.
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| Posted 1/2/13 7:45 PM |
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FranM
And so it goes....
Member since 9/05 2217 total posts
Name:
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Re: College Fund
Posted by Mrs213
How is a 529 more beneficial than say an interest savings acct with ING? What happens if they don't use the money for college?
In NY a married couple can claim up to 10,000 of 529 contributions against their NY taxes
In NY 529 are invested in mutual funds which historically do better over time than savings accounts.
in addition to college The money can be used for certain trade schools
If the funds are not used as intended you will be taxed upon distribution.
If you would like more detailed info I would be glad to help.
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| Posted 1/2/13 8:03 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: College Fund
Posted by Mrs213
How is a 529 more beneficial than say an interest savings acct with ING? What happens if they don't use the money for college?
This was my concern as well... As of now, I have opted for just an ing acct for my dd... We also have money in a stock that my FIL puts money into every month...
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| Posted 1/2/13 8:05 PM |
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jax1
Love my baby girl!!!
Member since 3/09 3405 total posts
Name:
Jackie
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Re: College Fund
Posted by Mrs213
How is a 529 more beneficial than say an interest savings acct with ING? What happens if they don't use the money for college?
This is why I havent done a 529. I think you can only use it for college. Of course we want her to go to college, but what if she doesn't?
Right now we just have a savings for her with Bethpage Federal Credit Union as it had the highest interest rate that we found. We also have a lot of bonds for her people gave when she was born and for her baptism.
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| Posted 1/2/13 8:15 PM |
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wo0shply
LIF Adult
Member since 11/08 2702 total posts
Name:
Tass
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College Fund
from what I read you can roll it over to another beneficiary without penalty, or you withdraw with a 10% fee and you will have to pay taxes on it.
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| Posted 1/2/13 8:18 PM |
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PregowithTwins
My boys turned 8
Member since 5/11 2451 total posts
Name:
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College Fund
We just have acct in fidelity. 529 is all well and good... Keeping in mind that if your child decided not to go to school...you will be HAMMERED with taxes. 529 account is like a 401K
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| Posted 1/2/13 8:34 PM |
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College Fund
We have a 529 and use the upromise app on our browser which adds more money when you shop online..
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| Posted 1/2/13 8:48 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: College Fund
529 is hands down the way to go.
You are saving $$ for a college fund correct? So that is specifically what it is for and it's tax deductable. This is a solid investment for your childs future.
If by any chance your child does not go, these are the various options (taken from the website):
•Keep the money in your account and use it later for graduate school or other higher education.
•Transfer the balance, with no penalty, to another eligible family member (including a parent, step and half sibling, or, in some cases, an in-law) of the original beneficiary. For a complete list of eligible family members, see page 20 of the Program Brochure and Privacy Policy.
•Withdraw money for noneducational uses. (Pay taxes and penalties--earnings will be subject to federal income tax and an additional 10% federal income tax, as well as state and local income taxes.)
NY 529 Plan
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| Posted 1/2/13 9:27 PM |
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heather10292010
Gonna be a big sister
Member since 12/10 1749 total posts
Name:
Heather
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College Fund
We have a vanguard account. It can be used for thiingssuch as college, boarding school ( if chooses), camp,....
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| Posted 1/2/13 9:43 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: College Fund
Initially we opened a 529 but then we started working with a financial advisor and he is very against them. He said there are much better places to invest your money that can get a better return AND the money is accessible to you without ANY penalty should you need it or if your child doesn't want to attend college. We are going to be setting up those investments this year. After he went through the cons of a 529 plan we were more than happy to explore other options.
I would speak with a financial advisor and see what the best options are for you and your family. 
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| Posted 1/2/13 9:48 PM |
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butterfly20
Party of 5 - 2015
Member since 4/06 7390 total posts
Name:
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Re: College Fund
Posted by FranM
Posted by Mrs213
How is a 529 more beneficial than say an interest savings acct with ING? What happens if they don't use the money for college?
In NY a married couple can claim up to 10,000 of 529 contributions against their NY taxes
In NY 529 are invested in mutual funds which historically do better over time than savings accounts.
in addition to college The money can be used for certain trade schools
If the funds are not used as intended you will be taxed upon distribution.
If you would like more detailed info I would be glad to help.
can it be used for catholic high school?
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| Posted 1/3/13 7:27 AM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: College Fund
My husband works for a bank and spoke with a financial advisor. He wasn't very pro 529 he recommended mutual funds so we are looking into this now. Right now we have a savings account.
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| Posted 1/3/13 7:41 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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College Fund
529 through Vanguard, it is free, we have made good money the last couple days with the market up!
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| Posted 1/3/13 7:52 AM |
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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: College Fund
Posted by butterfly20
Posted by FranM
Posted by Mrs213
How is a 529 more beneficial than say an interest savings acct with ING? What happens if they don't use the money for college?
In NY a married couple can claim up to 10,000 of 529 contributions against their NY taxes
In NY 529 are invested in mutual funds which historically do better over time than savings accounts.
in addition to college The money can be used for certain trade schools
If the funds are not used as intended you will be taxed upon distribution.
If you would like more detailed info I would be glad to help.
can it be used for catholic high school?
I do not believe so , I think it is bc the child needs to be 18 (or in some cases 17 if they have a late bday, not even sure how this aspect works), worth looking into of course.
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| Posted 1/3/13 7:53 AM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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College Fund
I have her money in a savings account. I have done my research on 529 plans. If she doesn't go to college she will be taxed on tht money, I do not want to roll it over to another ebenficiary because it's her money. I do not want to play arpund with the stockmarket, because it's always up and down, and with our current economy it's too risky for me.
Eventually the rates will come back and I with throw whatevers in there at the time into a 10 year CD which has higher interest.
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| Posted 1/3/13 8:07 AM |
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