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College Funds

Who plans to start a college fund for their children?
My husband just reenlisted in the Marine Corps and we're about to get a very nice bonus. We're going to put $20,000 in a program for a college fund for our children and then we plan to keep adding a little to it each month.
Of course, our kids will never know about this. We don't want them to slack off in school thinking it doesn't matter; mommy and daddy will pay for college. I want them to work hard for scholarships.

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allans_girl

Asked by allans_girl at 5:04 PM on Jul. 31, 2009 in General Parenting

Level 2 (10 Credits)
Answers (12)
  • Good for you! It's a great idea. We have a fund for them and our retirement.
    jeanclaudia

    Answer by jeanclaudia at 5:06 PM on Jul. 31, 2009

  • It's a wonderful idea. They will appreciate it. I did not save for mine children's college fund. Of course I could barely feed them with no child support but I put myself through college and managed so I figure if they wanted college they would work for it. Two of mine went for 1 semester and didn't like it. The third went for two years and quit. My way (and my parent's way) is to make kids make a personal investment in their own future. I'm glad you can do this for your's though
    admckenzie

    Answer by admckenzie at 5:11 PM on Jul. 31, 2009

  • My mom was the same way; she was a single mom of 3 and could barely make ends meet. I don't hold anything against her, but, like most parents, I want to give my kids everything I never had.
    allans_girl

    Answer by allans_girl at 5:13 PM on Jul. 31, 2009

  • Excellent! We started putting away money for college just after our daughter was born.
    rkoloms

    Answer by rkoloms at 5:13 PM on Jul. 31, 2009

  • I have the florida prepaid. We locked in at today's tuition rates. The 529 plans are great too, I was just a bit leery considering today's economy.

    check out savingforcollege.com Great info there on different funds, state programs and ratings.
    Anonymous

    Answer by Anonymous at 5:24 PM on Jul. 31, 2009

  • We've already chosen a program that really works. It's a long term thing, not a get rick quick scheme, but if you have the time, your money really grows.
    allans_girl

    Answer by allans_girl at 5:30 PM on Jul. 31, 2009

  • We're HOPE to be able to do what my parents did. My parents and two of my friends parents all went in on buying a townhouse style condominium for us while we attended school--all three of us went to nearby colleges in Boston.

    About two years after graduation, once we all settled into jobs, and got our own condos/apartments, our parents sold the townhouse we all lived in, and made enough profit to pay back our college loans! So, we had a GREAT place to stay--off campus, but within the heart multiple campuses, and in the end, got excellent free educations! :o)

    By the way, the townhouse cost $280,000 1985 when our parents bought it, they sold it in 1993 for $872,000!!! College THEN cost around $45,000 each, so our parents made a NICE profit for their short-term investment!
    LoriKeet

    Answer by LoriKeet at 5:55 PM on Jul. 31, 2009

  • We started at birth. We had part of every paycheck put in their funds, and we also put in any money gifts they had as small children and that we received for us. By the time they were college age, we had enough to pay for college- not the most expensive college- if they wanted that they would have had to take out a loan, but public universities.
    Bmat

    Answer by Bmat at 6:14 PM on Jul. 31, 2009

  • We don't have the money too and honestly I am not sure my kids will be on the college track anyhow, they both have Learning disabilities, so its not something I am counting on right now. If they want to go, we'll help them but I honestly do Not want my kids attending college right out of high school. I would prefer if they wait a year or two and realize how important a college education is. (But that's JMO and our family)!
    Lesli

    Answer by Lesli at 6:21 PM on Jul. 31, 2009

  • I think it is a great idea BUT....MAKE SURE YOU AND YOUR HUSBAND HAVE RETIREMENT MONEY FIRST. Your children will be old enough and young enough to take care of themselves.
    Soniam301

    Answer by Soniam301 at 6:21 PM on Jul. 31, 2009

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