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DTNg
07-19-2005, 04:03 AM
I'm writing an article for a parenting website and would love to talk to a financial planner about saving money for college.

Anyone?

deborahng@gmail.com

Thanks!!!

robeiae
07-19-2005, 04:30 AM
I was in the field for a time. When it comes to saving money for college, the most important things to keep in mind are: start early, commit heavily. There are many different vehicles to use for your savings program: pre-paid state tuition programs, 529 investment programs, Coverdale accounts, bonds, brokerage accounts, etc. There are pros and cons to each. Most FP's will have a favorite, but all will agree that you cannot start too early and you cannot put away too much, much like saving for retirement.

Of course, most of us, in my experience, listen well but act poorly...college for her is twelve years away, we can get a new sports car.

Rob :)

Cabinscribe
07-19-2005, 05:34 AM
I've read several articles on this topic, but I never see anyone suggest that the student himself should be responsible for saving.

I don't know if that's an angle that you want to include in your article .... maybe to suggest that a percentage of what the child earns at a part time job while still in secondary school should be earmarked for college.

Then the student could work while in college, and there's always student loans.

Another idea is to go to a community college for the first 2 years, and then transfer to a more expensive but reputable college.

DTNg
07-19-2005, 01:33 PM
I've read several articles on this topic, but I never see anyone suggest that the student himself should be responsible for saving.

I don't know if that's an angle that you want to include in your article .... maybe to suggest that a percentage of what the child earns at a part time job while still in secondary school should be earmarked for college.

Then the student could work while in college, and there's always student loans.

Another idea is to go to a community college for the first 2 years, and then transfer to a more expensive but reputable college.

Actually this is something I want to cover, if not in the article, as the sidebar. My parents had six kids and couldn't afford to pay for college. all of my brothers and sisters worked hard to received scholarships, grants, and worked to pay for college. My parents contribution was minimal. In addition, many of today's parents are older. Shouldn't they be thinking about retirement as well?

I think it's all well and good that parents want to save up $100,000 for college, but when does the child start helping out?

What happens in 18 years and the child doesn't want to go to collee?

Thanks for the thoughts!

DTNg
07-19-2005, 01:37 PM
I was in the field for a time. When it comes to saving money for college, the most important things to keep in mind are: start early, commit heavily. There are many different vehicles to use for your savings program: pre-paid state tuition programs, 529 investment programs, Coverdale accounts, bonds, brokerage accounts, etc. There are pros and cons to each. Most FP's will have a favorite, but all will agree that you cannot start too early and you cannot put away too much, much like saving for retirement.

Of course, most of us, in my experience, listen well but act poorly...college for her is twelve years away, we can get a new sports car.

Rob :)

Sports cars are important. At least this is what my husband tells me.


I'm wondering what's more important. Saving for retirement or my son's college? In 15 years when he's ready for college, I'll be 56. Today's parents are old. This is an important consideration.

Deb

ideagirl
07-20-2005, 07:01 AM
I'm writing an article for a parenting website and would love to talk to a financial planner about saving money for college.

Here's another perspective. There are two ways to save money: (1) accumulate it in some kind of investment; (2) DON'T SPEND AS MUCH. What I have to say is about option (2).

I went to college in... England. No, I'm not from England. I'm from the midwest. But in England, you can get a bachelor's degree in 3 years instead of 4, and the tuition at most universities is like in-state tuition in America. Same goes for Canada. Same goes for Ireland. And not only did I get a FABULOUS education on the cheap, I also got to put this unusual alma mater on my resume; it's been a talking point in every job interview I've ever had. It makes a person stand out. As for the "fabulous education" part, I went to a well-known American grad school for a master's in the same subject I'd majored in at university, and I SAILED through. Easy peasy. They prepare their students well in England. I seriously don't know why there aren't a hundred thousand American students heading to college in England, Ireland or Canada every year--it's so awesome!

By the way, yes, American student loans can be used at foreign universities. There are a few schools where they can't be used, but in normal, established, accredited universities all over the world, you can take out a student loan and pay for your education that way. In my case, I didn't even need loans: tuition was actually less than most in-state American tuition, and my dorm room was outrageously cheap by American standards.

Here are some ways that parents who think their kids might be interested in this option can find out more:

(1) Contact the consulate (not the embassy) of whatever country or countries your kid is interested in. You can find them on google. If you don't know which consulate handles your area--most countries have a few consulates scattered throughout the USA--find the one in New York or Washington, where all the main consulates are, call them, and ask for the contact info for the consulate near you. Then ask them to send you information about how an American student can go to university in their country. They may mail you stuff, and/or they may point you to a web site.

(2) Browse the web for info on various universities. If you don't know the exact name of any foreign universities, you can start doing google searches on "university England," etc., to come up with some. Here are a few world-class ones to start:
The University of London (http://www.lon.ac.uk/)
The University of Manchester (http://www.manchester.ac.uk/)
The U of Liverpool (http://www.liverpool.ac.uk/)
Trinity College (http://www.tcd.ie/), Dublin, Ireland
McGill University (http://www.mcgill.ca/), Toronto
You can just browse around their sites looking for information for foreign students...

Tuttie
03-11-2011, 08:55 AM
@ideagirl. I didn't know that was a possibility! dang sure missed out. It could still be useful for my brothers though.

LaceWing
03-11-2011, 10:08 AM
An angle I hardly ever see in such articles is how much input the parents have in selection of the college, and they need to figure out ahead of time whether they think a C student is better served by education or some other support -- which may include just funneling that college account into the parent's retirement in order to save the kids from obligation.

In other words, the choices, I think, need to be fitted into schemes that allow for many possibilities and opportunities and life challenges.