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College savings plans??? advice???

Posted by on Dec. 3, 2011 at 3:43 AM
  • 6 Replies
1 mom liked this

I am open to any and all advice on college savings plans for my 3 year old autistic son. He was recently awarded benefits for his disability and I want to use the money to invest in his bright future monthly. I had planned when I first discovered I was prego with him to invest in Gerber Life, but we never had the money to pay the monthly premiums (minute as they may be)! Now that I am in control (at least of my son's disability payments), I can make sure that they go towards his future and am VERY determined to do so. 

I was just reading reviews online about Gerber Life which were over all not so good. I read some good one's for T. Rowe Price's college savings plans though. We reside in Maryland and one thing I do know is that T.Rowe price has an excellent reputation. I know little to nothing when it comes to this investments, but I will become fully informed before investing in anything. I am not a naive idiot! 

I DO NOT WELCOME sales pitches of any sort and I promise one thing.......I will NEVER, EVER,EVER invest my son's money in any policy that any of you offer regardless of price....so please do not bother offering! I am way ahead of those of you that I KNOW frequent this site trolling for new customers. 

Neutral advice ONLY is welcome! Thank you much in advance for my son and I.

I am a vaccinating, circumsizing, formula feeding, SAHM, bi-sexual, human rights supporter, hater of all things military, lover of nature, open minded, opinionated, selfish, Virgo, neat freek, truthteller, pet hater, tattoo addicted and a "do not care what u think of me" type of woman.
by on Dec. 3, 2011 at 3:43 AM
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Replies (1-6):
Stevensmomma
by on Dec. 3, 2011 at 11:16 AM

We just have a regular savings account for ds since he was born and we put all his birthday, xmas money etc right into it and he is 3 1/2 and has $2k in it as of now. And all of that will be for when he goes to college. 

Kainalu55
by Bronze Member on Dec. 3, 2011 at 6:24 PM

we haven't started any college savings accounts, but i know they have one spefically for college savings...i can't think of what it's called

SweetLuci
by Silver Member on Dec. 3, 2011 at 7:33 PM

 529 plans are different in every state. One thing to check on, is it only available for 4 year colleges or can it be used at a technical school or other training facility. The banks where I live have good information, and the state will send you written information, or you can go online and check out the different plans. Make sure you understand completely what the disadvantages are to each type of plan that is offered.

katiemomNY
by on Dec. 4, 2011 at 12:00 PM

We're just getting ready to start a 529 here in NY State.  We plan to move out of state in a few years, so our big concern was the ability to use money from one state's plan in another. 

Sometimes if you have specific questions it can be easier to contact a representative of the plan.  There's only so much research you can do sometimes before you have to speak to a live person. 

MomofNikki2010
by Member on Dec. 4, 2011 at 12:02 PM
1 mom liked this
Definitely a 529 plan. You can open one with any mutal fund company. We went with our state specific CHET which is similar. Do you have a financial advisor?
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Pherlyce
by on Dec. 4, 2011 at 5:25 PM

My sister in-law have all her kids a college fund and her daughter is in senior and wants to apply for a scholarship, she was not allowed because she already have money for her college, they felt very disappointed they thought that she can still apply and save the college fund for something else, if I where you just open an account or buy a cd for your childs future, college fund is not good if ever you try to use in something else you will pay more tax for it instead of no tax. 

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