Anyone here saving for college?

[gakline]

Originally Posted by brandondrury

Interesting. Maybe my experiences have jaded me.

Were your grades outstanding? Were you of extremely low income? What factor(s) led to you getting the scholarships and grants?

Brandon

My grades were good. Middle class. I looked for any scholarships around. There are tons of books out there with oddball scholarships.

I went to a private university. Tuition was $17,000ish. I got a $6000-$7000 scholarship from the school (with a minimum GPA). In the end it cost me the same as the best public school in the state (UW Madison) would have. But with the private school, I was guaranteed 4 years, whereas UWM it could have been 5-6 years.

[TBH]

Hey, Brandon, I must say you can take a jibe with good humor. I regretted being snippy. My apologies. I probably read too much into your statement. I'm overly quick to get annoyed when I think white people are implying that people of color have an easy ride. We (so called white folks) are privileged in so many ways, and we're statistically more likely to go to college in the first place. So if a little extra funding for people of color evens the odds a little, I'm all for it. (getting off soap box now).

My grades were good, but I also went to a very small school, and since I was only sixteen years old when I started I think the university thought I was an interesting case and gave me some aid. I was also lucky enough to finish right before they hiked the tuition way up (I think it cost less than 15k a year when I graduated in 1997, and went well above 20k the next year). My parents were very recently divorced, so their finances were sort of in a tangle. But no, I'm not from a low-income background. More like middle class, maybe upper middle class.

One of my scholarships was a creative writing one, which I won by submitting some writing. The rest were federal grants. I also had work-study, some loans, and my parents were able to kick down some money. I was extremely lucky and graduated with only 3k in loans, which my parents helped me to pay off in my first year post-college.

[EHadden]

My wife and I had a baby in May, by June 1, we had opened his 529 savings plan through our brokerage. Although we live in Illinois, we found that Virginia's 529 plan uses American Funds, which I found to have an incredible track record. As long as we use the proceeds to pay for college expenses (tuition, room, board, textbooks), it all grows and comes out tax-free.

[TBH]

Originally Posted by EHadden

My wife and I had a baby in May, by June 1, we had opened his 529 savings plan through our brokerage.

I thought you had to have the kid's SSN before you could do this. It took a few months to get my son's SSN.

[EHadden]

Originally Posted by claire

I thought you had to have the kid's SSN before you could do this. It took a few months to get my son's SSN.

We also thought it took a while to get this done, but we filed the necessary paperwork at the hospital and within 2 weeks we had the information available so that we could open his account and get his individual health insurance policy (with both of us being teachers, our plans are terrible for families and the premiums are outrageous).

[pyotr]

We use Virginia's 529 fund though we do not live in VA. My financial advisor is an old friend whom I trust with much of our money and after analyzing all the costs upfront and hidden as well as the offerings available to each state's programs, he believes Virginia's to be the best also.

[TBH]

Originally Posted by EHadden

with both of us being teachers, our plans are terrible for families and the premiums are outrageous

I hear that, E. We're both librarians/archivists. When my son was born the whole family went on my spouse's workplace plan for a few months, and it was costing us something unbelievable like $450/month. I had to go back to work just to get better health coverage. Now, there's a great job open at his workplace, but I'm not applying because we really just can't afford to pay for our son's health coverage on their plan.

[Bluezy]

Originally Posted by claire

It took a few months to get my son's SSN.

Wow!! I had CJ on 13 January 2004 in Florida and his social security card arrived in the mail two weeks after his birth. I also had to keep a special form with me at all times until the card arrived. I couldn't get copies of his birth certificate without that form or his SS card.

I am seeking out the best 529 plan I can find that has a relationship with UPromise. I know now that very few 529's can be linked to a UPromise account, but want at least one account so that CJ's funds can be transferred. So far, it's Vanguard.

[sweeps]

I agree with claire. Took almost 3 months for me to get my son's SSN. We also filed all the paperwork at the hospital.

[Snoopy2645]

As for when you get the childs ssn I think it all depends my oldest daughters took forever they had lost the information at the hospital going to wherever so I had to go refile for it a huge mess!! Then my other 2 kids came really fast.

Anyways as for saving for my kids we are dh put $10 a week into the two youngests accounts & I put any CS into oldest dd's. I figure since having money will only hurt them they can actually use the money to buy a car when they turn 16 if they choose at least that way they have transportation too & from school. Not that I know if they will qualify for assistance but I dont want to hurt them by having too much saved because I did that to myself when I was younger I always had to much saved to ever qualify & it was my own fault for saving!!

By the time my oldest goes to college I will be back working FT so if she needs help for school I will help her but I also expect them to at least do something pt to help out while in college. BUt I will also let them live at home while they are in school.

[CasaHova]

I'm in college and paying as I go. Didn't qualify for any grants and I'm not gonna get a loan. I don't like to owe money that I have to pay off. It is a struggle, but i'd rather it my way than be like some of my older friends who are paying off loans, just beggining off with a morgage and some have children.

[ISAYHI]

Bluezy- as far as linking your upromise acct - are you aware that the funds in upromise can be withdrawn, then you'd be able to deposit the money into the vehicle of YOUR choice.

From a response to an email I sent them:

Thank you for being a member of Upromise. We appreciate the time you
have taken to contact us.

You can withdraw your Upromise contributions at any time during your
membership. To withdraw company contributions from your Upromise
account, submit a letter in writing to Upromise requesting a withdrawal
from your Upromise account. The letter must state your full name and
exact amount that you would like to withdraw, up to total amount
available in your account, pending contributions are not eligible for
withdrawal.

For the protection of our members, we require that your letter either be
notarized or contain a Signature Guarantee if the withdrawal request is
in excess of $200. A Signature Guarantee is a guarantee you can obtain
from a financial institution, such as your bank, that your signature is
yours and that it is genuine.

Withdrawal letters should be sent to:

Upromise
ATTN: Customer Care
P.O. Box 55555
Boston, MA 02205-5555

Checks are sent once per calendar quarter, so you should typically
receive your check within 12 weeks of your request being received.

For more information about the Upromise service, please visit us at
www.upromise.com

Sincerely,

The Upromise Customer Care Team
www.upromise.com

I'm sending a letter today w/ my request for $200 - guess we'll see if I receive it in the next 2 months!

[Mixelflick]

Opened a NV 529 with Upromise in Jan. I am a resident of MA. I think the UPromise 529's default to NV because I don't recall having the option of chosing a state?

Putting $500/month in.

[Tree0164]

Massachusetts 529 plan is Fidelity who no longer is associated with Upromise.

[Mixelflick]

Did I do something wrong then?

Should I be with Fidelity or does this affect my son's 529??