PDA

View Full Version : 529 College Savings Plan


Ben
11-05-2007, 06:42 AM
Anyone have any tips on starting a 529 plan. We currently live in MI, although I don't want to lock in that we will be here in the future, or that the little ones would need to attend school here. We have 2, do we get 1 or 2 plans?

I have done a bit of reading/research, and need to do more, but was curious what others did/are doing. Thanks.

OhioProstar
11-05-2007, 08:30 AM
You will need to get two separate plans for each child as it is tied to their SS #. If you work with a financial adviser they can tell you which funds are the best from an available plan perspective and it might be that one in another state is a better fit for you.

Ric
11-05-2007, 08:36 AM
Ben, with all your research, did you come across the logistics of how your kid is dispensed the $ when in school?

OhioProstar
11-05-2007, 08:56 AM
http://www.smartmoney.com/consumer/index.cfm?Story=200106083&ibshatkey=oma

Most sites have whole sections dedicated to this topic. I think Yahoo finance does a pretty good job summing the options up as well.

Ric
11-05-2007, 10:46 AM
after having applied for student loans as a kid and being required to stand in line with the posse which just hopped out of the benz to get my loan (you know... that thing you have to repay????) I don't want to bust myass to save for my kids future and have him line up like cattle to use it...........

uncleboo
11-06-2007, 10:47 PM
Another option instead of a 529 is an ESA (Education Savings Account). There is an annual contribution limit with the ESA. If don't want to limit the money for only college you can open up a mutual fund with you as custodian for your child. Pick a fund you like and you can open up the specified plan (529, custodial, ESA) depending on your needs. Some of the most popular families (American, Fidelity, Vanguard) all should have decent options for you.

azskiking
11-06-2007, 11:04 PM
This is a use full web site

http://www.savingforcollege.com/