I am looking for info on children's college funds. We have 2 small children and are looking to start doing something to save towards their college in the future. What is the best route to take in this day and time to start? I have heard a little about that government program but that's all I know about. Any info you could give would be greatly appreciated! THANKS!
best route? a 529 plan. preferably one administered by the state of north carolina (it's in clark howard's top 5 plans. i think utah is the best, and yes, you can have a 529 in utah even though you're in nc). you might try cfnc.org...
Or speak to a financial advisor, there are a lot of different plans and depending on your situation, one may be better than another.
Just started one for my kids too (like last month). Kind of freaked me out when it dawned on me that my oldest will be going to college in 10years! WOW! So, we started a 529 plan with our bank. The financial adviser set us up and money is automatically drafted out of the account. It is pretty affordable the hardest part is actually going out and making the time to do it. We've talked about it for years and decided it was now or never. Plus the timing seemed right, since I am just NOW paying MY college loan off!:ack: Felt like I would probably not miss the money since I've been paying it out FOREVER!!! Might as well keep on going.
After speaking with a financial advisor we set up CollegeAmerica 529a accounts for each of the kids with American Funds in Virginia. Relatives often put a little money in the accounts for the kids birthdays & Christmas rather than sending gifts. I can add money on line or just put the info on a check & mail it in. www.americanfunds.com 1-800-421-0180 American Funds PO Box 2713 Norfolk, VA
I saw a commercial last night that had the governor and he said that NC has started a program to make sure all NC children get a college education. I don't have the website in front of me b/c I am at work. I will try to remember to look tonight and post it later. You might try to google it.
Ok, just called my oldest...here is the website address that I wrote down... www.nclearnandearn.gov Even if it is for free community college, any college that is free is a good thing. My oldest is in Middle College and my youngest will be applying for it to start his sophomore year instead of waiting until his junior year like my oldest. If my oldest can swing it he will graduate from high school and have two years of college completed and paid for all at the same time.
That's awesome for your kids, and it sure will help cut down on the tuition!! Is there a cost for Middle College?
Nope. There is Middle College which is what my oldest is in. You can start as early as 10th grade. You have to fill out an application, there is an open house that you can go to and then you have to go through an interview with the principal and another person on staff. Then you wait 2 weeks to find out if you have been accepted. They look at grades/attendance/your application and how well you did in your interview. You are required to take 1 college course each semester free of charge to you...the school system picks up the cost of the class and books. My son only needs 3 high school credits to graduate from high school so most of his classes over the next 2 years will be college. I think you can take as many as 6 classes a semester if you can handle the work load. Now they also have Open College which started this year. You start as a freshman and it is a 5 year program in which you are guaranteed a high school diploma and an associates degree again...all college course expenses picked up by the JoCo school system. The only downfall is they do not offer bus service to and from the college. The good thing is that they really teach them to be responsible and independent, but at the same time they do keep more of an eye on them than they do the regular college kids.
what we have done we have a citibank rebate card that is connected with upromise.com. It puts 1% of all of your purchases into a linked upromise investment account through vanguard automatically. You can also connect your lowes grocery card there and when you buy certain items it will add more points (dollars) to your account. we have had it open for about 4 years and there is already $4,000 in it and we did not contribute a $. the nc 529 is limited on your income so before you invest in it ensure you will actually get a benefit because it does have higher fees than some of the other 529 plans that are out there.
