Comments on: Saving for College http://www.fivecentnickel.com/2005/05/13/saving-for-college/ personal finance tips, tricks, and commentary Mon, 13 Feb 2012 18:22:18 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: karen http://www.fivecentnickel.com/2005/05/13/saving-for-college/comment-page-1/#comment-233622 karen Fri, 01 Jul 2011 00:09:24 +0000 http://www.fivecentnickel.com/2005/05/12/saving-for-college/#comment-233622 My husband and I saved for college since our two children were born. With additional help from grandparents, both were able to attend private college and we paid cash. Great, you say? Not really. We make an average living. Because the money was already available for the kids, in their names, it made them ineligible for any grants or financial aid. You might ask why would that matter? It didn't matter to us at the time. But now, ten years later, we have many friends who are sending their kids off to college. These friends also make a good living; however, they never saved a dollar toward college. But they own their homes outright and go on great vacations and drive expensive cars (we don't, of course, because we were busy saving for college). Ironically, they are eligible for all sorts of grant money and aid. In the end, it doesn't seem fair to us. I don't recommend saving money for college at all. I wish we had put the money under a mattress and given it to our children after they graduated. My husband and I saved for college since our two children were born. With additional help from grandparents, both were able to attend private college and we paid cash. Great, you say? Not really. We make an average living. Because the money was already available for the kids, in their names, it made them ineligible for any grants or financial aid. You might ask why would that matter? It didn’t matter to us at the time. But now, ten years later, we have many friends who are sending their kids off to college. These friends also make a good living; however, they never saved a dollar toward college. But they own their homes outright and go on great vacations and drive expensive cars (we don’t, of course, because we were busy saving for college). Ironically, they are eligible for all sorts of grant money and aid. In the end, it doesn’t seem fair to us. I don’t recommend saving money for college at all. I wish we had put the money under a mattress and given it to our children after they graduated.

]]> By: Dan Davenport http://www.fivecentnickel.com/2005/05/13/saving-for-college/comment-page-1/#comment-1949 Dan Davenport Wed, 22 Feb 2006 19:12:59 +0000 http://www.fivecentnickel.com/2005/05/12/saving-for-college/#comment-1949 I could not agree more. I would also add that a college savings product should be safe, match college inflation and provide tax benefits. I would also suggest achieving some of your goals concurrently. In other words, you can save for college while saving for retirement. something to think about as they are both important. I could not agree more. I would also add that a college savings product should be safe, match college inflation and provide tax benefits.

I would also suggest achieving some of your goals concurrently. In other words, you can save for college while saving for retirement. something to think about as they are both important.

]]> By: The Complimenting Commenter http://www.fivecentnickel.com/2005/05/13/saving-for-college/comment-page-1/#comment-31 The Complimenting Commenter Sat, 14 May 2005 21:40:25 +0000 http://www.fivecentnickel.com/2005/05/12/saving-for-college/#comment-31 Interesting post. Great to keep things in perspective and not ignore one aspect for another. Thanks for the tips. Interesting post. Great to keep things in perspective and not ignore one aspect for another. Thanks for the tips.

]]> By: LibraryLady http://www.fivecentnickel.com/2005/05/13/saving-for-college/comment-page-1/#comment-29 LibraryLady Fri, 13 May 2005 16:30:23 +0000 http://www.fivecentnickel.com/2005/05/12/saving-for-college/#comment-29 Speaking as someone who paid for her entire college education (because my parents could only afford to give me minimum help), I'm glad I did it that way. Kids who have to take a large part in their college expenses <b>get</b>why they're there and don't think it's a 4 year all-expenses--paid-by-parents-party! Speaking as someone who paid for her entire college education (because my parents could only afford to give me minimum help), I’m glad I did it that way. Kids who have to take a large part in their college expenses getwhy they’re there and don’t think it’s a 4 year all-expenses–paid-by-parents-party!

]]> By: Cap http://www.fivecentnickel.com/2005/05/13/saving-for-college/comment-page-1/#comment-28 Cap Fri, 13 May 2005 14:21:02 +0000 http://www.fivecentnickel.com/2005/05/12/saving-for-college/#comment-28 that seems to be a total rip from an article I read on Motely Fool, www.fool.com about a year ago... :\ it said the same thing you said too :) "It may sound selfish, but there are financial aid, scholarship, and student loans for your kid's tutiion. There aren't any of that for your retirement!" that seems to be a total rip from an article I read on Motely Fool, http://www.fool.com about a year ago…

:\

it said the same thing you said too :) “It may sound selfish, but there are financial aid, scholarship, and student loans for your kid’s tutiion. There aren’t any of that for your retirement!”

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