Help Paying For Kids College

Max Power · 06-25-2002, 12:45 AM

Anyone out there with young'ns have any experience with:

http://www.upromise.com/

this a good thing?

Skip · 06-25-2002, 08:01 AM

Hadn't heard of this. I've got all my kids' college money with Arthur Andersen, so I'm pretty sure I'm okay anyway.

cubfan33 · 06-25-2002, 08:39 AM

Its fine if you use the products and services that support it, but check the details of any 529 program. You need to make sure that the type of school you hope your child goes to is supported. If State U is fine, great, but what happens if he/she decides to go to Harvard or even Out of State U?
You're smart in planning early however. The best thing to do (in this former stockbroker's opinion) is to set up a small account in your own name in a good mutual fund or two (I recommend the Vanguard Index 500). With the power of 18 yrs of compounded growth you'll be in great shape with even a small start and small incremental deposits.

Skip · 06-25-2002, 09:04 AM

Quote:

Originally posted by cubfan33
Its fine if you use the products and services that support it, but check the details of any 529 program. You need to make sure that the type of school you hope your child goes to is supported. If State U is fine, great, but what happens if he/she decides to go to Harvard or even Out of State U?
You're smart in planning early however. The best thing to do (in this former stockbroker's opinion) is to set up a small account in your own name in a good mutual fund or two (I recommend the Vanguard Index 500). With the power of 18 yrs of compounded growth you'll be in great shape with even a small start and small incremental deposits.

My earlier attempt at humor aside, this is exactly what we have done. Find something that fits your risk profile and let it ride with regular additions when possible. I am looking at the 529 plans again this year though - just staying up to date as its been a couple years since I did so.

poorme · 06-25-2002, 12:31 PM

Quote:

Originally posted by Max Power
Anyone out there with young'ns have any experience with:

http://www.upromise.com/

this a good thing?

for me, it would not be a good thing. but it depends on your shopping habits. I'll stick with traditional investing.

WiredTiger · 06-25-2002, 12:47 PM

I have always wondered what would happen if upromise.com went out of business before your kids went to college. Do they hold the money in trust? IS it guarenteed?

sweaver · 06-25-2002, 01:21 PM

I would be VERY suspicious. There are so many fly-by-night net operations. And, most states operate their own programs, where you pay in a certain amount every month and get guaranteed tuition paid at any state institution when the kid gets to college age, or a certain amount at other colleges. These programs are guaranteed. Cost per month depends on the age of the kid when you start, the younger the cheaper.

Max Power · 06-25-2002, 02:22 PM

Thanks to all for the input on this - very helpful. Anyone else have something?

moose · 06-25-2002, 02:27 PM

i know you can get a citibank card with a bonus option like this - maybe it's the same system.

ie, instead of earning frequent flyer miles, GM points, or cash back, you get college bucks (tm)

Max Power · 10-21-2002, 10:43 PM

Another thought on the same topic - - - Is it better to minimize your tax impact or maximize your eligibility for financial aid when planning? Both are not possible, yes?

WiredTiger · 10-22-2002, 09:55 AM

Quote:

Originally posted by Max Power
Another thought on the same topic - - - Is it better to minimize your tax impact or maximize your eligibility for financial aid when planning? Both are not possible, yes?

Financial Aid is a gamble at best. I came from a middle class family(both my parents are teachers), had good grades and good test scores. I didn't qualify for any financial aid at any of the state schools.

pathogan · 10-22-2002, 10:05 AM

...my daughter got a 4 year academic scholarship,so we're free and clear...Steve, there's always low interest college loans, like many of us took out

poorme · 10-22-2002, 10:55 AM

Quote:

Originally posted by Max Power
Another thought on the same topic - - - Is it better to minimize your tax impact or maximize your eligibility for financial aid when planning? Both are not possible, yes?

you may be able to avoid both by sinking all your money into your house. I believe that asset is off the books when determining financial aid.

06-25-2002, 12:45 AM	#1
Max Power NetShrine Creator & Curator Join Date: May 2002 Location: NetShrine WHQ Posts: 5,548	Help Paying For Kids College Anyone out there with young'ns have any experience with: http://www.upromise.com/ this a good thing? __________________ Steve, Forum Administrator "They come and they go, Hobbs. They come and they go." That's why there's NetShrine.com

06-25-2002, 08:39 AM	#3
cubfan33 NetShrine All-Century Team Join Date: Jan 2002 Location: Indianapolis Posts: 1,359	UPromise Its fine if you use the products and services that support it, but check the details of any 529 program. You need to make sure that the type of school you hope your child goes to is supported. If State U is fine, great, but what happens if he/she decides to go to Harvard or even Out of State U? You're smart in planning early however. The best thing to do (in this former stockbroker's opinion) is to set up a small account in your own name in a good mutual fund or two (I recommend the Vanguard Index 500). With the power of 18 yrs of compounded growth you'll be in great shape with even a small start and small incremental deposits. __________________ UTK available only at www.baseballprospectus.com "I was pulling for Pete and agreeing with (commissioner) Bud Selig that Pete should be eligible for the Hall of Fame," said Giles, now chairman of the Phillies. "Bud was close to making him eligible right after his meeting with Pete (November 2002). Right after that, Pete got into tax trouble (in California), and that delayed the process." - Phillies Chairman Bill Giles in the Dayton Daily News, January 25th, 2004.

06-25-2002, 02:22 PM	#8
Max Power NetShrine Creator & Curator Join Date: May 2002 Location: NetShrine WHQ Posts: 5,548	Thanks to all for the input on this - very helpful. Anyone else have something? __________________ Steve, Forum Administrator "They come and they go, Hobbs. They come and they go." That's why there's NetShrine.com

10-21-2002, 10:43 PM	#10
Max Power NetShrine Creator & Curator Join Date: May 2002 Location: NetShrine WHQ Posts: 5,548	Another thought on the same topic - - - Is it better to minimize your tax impact or maximize your eligibility for financial aid when planning? Both are not possible, yes? __________________ Steve, Forum Administrator "They come and they go, Hobbs. They come and they go." That's why there's NetShrine.com

10-22-2002, 10:05 AM	#12
pathogan william Blake's Innkeeper Join Date: Dec 2001 Location: Brooklyn Posts: 2,828	Dont know ...my daughter got a 4 year academic scholarship,so we're free and clear...Steve, there's always low interest college loans, like many of us took out

06-25-2002, 08:01 AM	#2
Skip NetShrine Vagabond Join Date: Dec 2001 Location: Louisville Posts: 7,866	Hadn't heard of this. I've got all my kids' college money with Arthur Andersen, so I'm pretty sure I'm okay anyway.

06-25-2002, 12:47 PM	#6
WiredTiger Guest Join Date: Feb 2002 Location: The city of Kaline, Cobb and Greenberg Posts: 3,395	I have always wondered what would happen if upromise.com went out of business before your kids went to college. Do they hold the money in trust? IS it guarenteed?

06-25-2002, 01:21 PM	#7
sweaver Netshrine Cleanup Hitter Join Date: Nov 2001 Location: The Mountain State Posts: 8,883	I would be VERY suspicious. There are so many fly-by-night net operations. And, most states operate their own programs, where you pay in a certain amount every month and get guaranteed tuition paid at any state institution when the kid gets to college age, or a certain amount at other colleges. These programs are guaranteed. Cost per month depends on the age of the kid when you start, the younger the cheaper.

06-25-2002, 02:27 PM	#9
moose Join Date: Mar 2002 Location: Socs Posts: 3,400	i know you can get a citibank card with a bonus option like this - maybe it's the same system. ie, instead of earning frequent flyer miles, GM points, or cash back, you get college bucks (tm)

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