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college fund..

Posted by on Jan. 13, 2013 at 7:26 PM
  • 86 Replies
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How are you saving for your child(ren)'s college fund? DD wants to be a dr so I know we're gona have a pretty penny to give up and I need a good smart way to save. All opinions/answers welcome :)
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by on Jan. 13, 2013 at 7:26 PM
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christina0607
by on Jan. 13, 2013 at 7:29 PM
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Once we reach our retirement goals we will. If all goes as planned that will be in 2 years.
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ambermario4ever
by Gold Member on Jan. 13, 2013 at 7:30 PM

Nothing. We aren't in a place to start them yet so we haven't. And both of mine are telling me they both want to be doctors but they are only six and four so they might change thier minds. But I want them to be what ever they want to be. But I have told my oldest that she needs to work very hard at school and make good grade so maybe one day she can get a scholarship to help her pay for collage and that she may also have to work through school to help pay for some of it.

frndlyfn
by Emerald Member on Jan. 13, 2013 at 7:31 PM

no clue.  we are struggling with the hows as well.  I would put aside minimum 10 dollars a month in a savings account that can not be touched until she is 18.

risaspieces
by Member on Jan. 13, 2013 at 7:31 PM
Honestly I lucked out. My brother gave me 5000$ to put into a college fund for my baby, he's not even born yet. But dh and I planned on putting at least 100$ each paycheck into a college fund.
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itsm3
by on Jan. 13, 2013 at 7:42 PM

we have a RESP set up for dd and i also put money away each month on top of that for her. 

sherry132
by Sherry on Jan. 13, 2013 at 7:49 PM

Whatever you do, start saving something. My daughter starts premed next year. Her tuition alone is 25,000 a year, that's not even starting to talk about books, room, food, etc. That's JUST tuition. 

Get her into NYLF (National Youth Leadership Forum) in Medicine as soon as she is old enough. In about the 8th grade, she needs to start working on scholarships. She will also need to research, research, research the schools, go to them and talk to each one she shows interest in. 

Finally, if you aren't religious, expect that she will be exposed to a lot of religion. I only visited one school that didn't emphasize religion with my daughter. 

My daughter is going to an excellent premed program at Letourneau University in Longview Texas. At the end of her time at that school she may get a scholarship to pay for medical school if she shows a great deal of promise, good grades, and is willing to give to the community by going on missions. 

You should begin looking into volunteer programs. Get her interested in something that gives back to the community, she will need it to get into a good school. 

The money is a pain, but it's the preparation for medical school that is so important. It's not just going to the community college. It's work, from about the age of 8 and into forever. 

Kaitlyn has at least one scholarship so far, it's from Letourneau and it's the Founder's scholarship. It's a tough school to get into as it's ranked #36 in Western region Colleges. 

If she's to be successful, you have to start now, and most definitely get her interested in science and science fairs, lots of money there. Also, make sure she can spell, buy her books on things like anatomy for her to look at when she is about third or fourth grade. This way she starts to see what she will doing and learn if this is the right way for her. 

I got Kaitlyn into gardening and you would not believe the fascination she has when a seed turns into a vegetable or a flower. 

Having a child that wants to be a doctor is a job all in itself. The cost for the good schools (tuition only) is about 100,000 total right now, and increasing every year. Good luck to you and her. 

Bax
by on Jan. 13, 2013 at 7:51 PM

Tuition is paid off...finally.  Last child graduated in December.  We put both through with limited loans (each child has less than 15K to pay off), total tuition bills were $115k for son and $85k for daughter.  Daughter has grad school yet but she is on her own for that expense.

That said....We were idiots for doing this. Follow advice from poster above.  Save for your retirement FIRST and college second.  Your kids can get loans for college, you can't get a loan to retire.  Also, our son's entry level salary was $80k. So he is a 24 year old single guy making that kind of money with little to pay back and our retirement account suffered greatly while we paid for tuition.  It was a stupid financal move.

danandsamsmom
by Bronze Member on Jan. 13, 2013 at 7:51 PM

We save money each month in a 529 account for our kids, now aged eight and nine.  We will help them as much as we can.  My DH is a doctor and I am lawyer turned SAHM; we are still paying off our student loans.

sherry132
by Sherry on Jan. 13, 2013 at 7:56 PM

I didn't say not to save for retirement, I also told her to work hard on finding scholarships. My point in my post was to show her ways where neither she or her daughter has to pay. 

Retirement is important, do you children plan to help you since you didn't save so that they could have the lives they want? 

Quoting Bax:

Tuition is paid off...finally.  Last child graduated in December.  We put both through with limited loans (each child has less than 15K to pay off), total tuition bills were $115k for son and $85k for daughter.  Daughter has grad school yet but she is on her own for that expense.

That said....We were idiots for doing this. Follow advice from poster above.  Save for your retirement FIRST and college second.  Your kids can get loans for college, you can't get a loan to retire.  Also, our son's entry level salary was $80k. So he is a 24 year old single guy making that kind of money with little to pay back and our retirement account suffered greatly while we paid for tuition.  It was a stupid financal move.


christina0607
by on Jan. 13, 2013 at 7:58 PM
I think she was talking about me. Per my financial advisor...retirement comes first.

Quoting sherry132:

I didn't say not to save for retirement, I also told her to work hard on finding scholarships. My point in my post was to show her ways where neither she or her daughter has to pay. 

Retirement is important, do you children plan to help you since you didn't save so that they could have the lives they want? 

Quoting Bax:

Tuition is paid off...finally.  Last child graduated in December.  We put both through with limited loans (each child has less than 15K to pay off), total tuition bills were $115k for son and $85k for daughter.  Daughter has grad school yet but she is on her own for that expense.

That said....We were idiots for doing this. Follow advice from poster above.  Save for your retirement FIRST and college second.  Your kids can get loans for college, you can't get a loan to retire.  Also, our son's entry level salary was $80k. So he is a 24 year old single guy making that kind of money with little to pay back and our retirement account suffered greatly while we paid for tuition.  It was a stupid financal move.


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