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college savings kid

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Old 12-03-2010, 04:39 PM
Silver Member
Join Date: Nov 2009
Location: Alaska
Posts: 172
college savings kid

I have been looking for a college savings program for my little boy. 18 years is a long time from now and it is not guaranteed the kid will want to go in a particular state or even go for that matter.

Does anyone know a college savings program that is not state specific and can be closed out without a significant penalty?
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Old 12-03-2010, 05:23 PM
Silver Member
Join Date: Mar 2008
Location: Helena, AR
Posts: 274
Re: college savings kid

Talk to a financial adivsor. I talked to my local AG Edward representative. There is a college plan but the money has to be used for specific college expenses. I do not remember if this is a 529 plan. There is another option where the money can be used for anything, they may be different tax rules. Hope this helps a little.
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Old 12-03-2010, 05:36 PM
Silver Member
Join Date: Nov 2009
Location: Alaska
Posts: 172
Re: college savings kid

I have read everything about the 529 plans but they all are state or college specific. I am all about having the money for college expenses only but only if he can choose which college and which state.
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Old 12-03-2010, 05:56 PM
Gold Member
Join Date: Aug 2009
Location: Cheyenne
Posts: 513
Re: college savings kid

College Savings | Coverdell ESAs | 529 Plans

I've personally decided not to do any "college savings" plans. I've got investments and mutual funds and such that I could use in the future to help pay for my kid's school, but IMO, all of the dedicated school plans have too many strings (i.e. penalties) attached. Penalties as high as 10% if not used for approved expenses put a serious dent in their attractiveness.
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Old 12-03-2010, 06:53 PM
Silver Member
Join Date: Nov 2009
Location: Alaska
Posts: 172
Re: college savings kid

I am leaning towards the way you went with safe investments dedicated for the kids future. I am no where near a financial expert but when I was reading those plans I kept seeing the strings attached like you did. Early withrawal penalties and such are expected but those college plans have a ton of penalties and pretty much force your hand once you start putting into them.
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Old 12-09-2010, 07:56 AM
Platinum Member
Join Date: Dec 2008
Location: Great Falls, MT
Posts: 4,599
Re: college savings kid

I commend you for planning your kid's future. I too started saving small change from whatever a young airman can set aside for their kids. But I changed course after a conference with my two sons teachers.

I know it's not for everyone but something to think about (take it for what it is worth as applicable) ... here it goes.

My wife and I are blessed with two boys that are gifted and loves school. While stationed at Davis-Monthan AFB in AZ, both my boys were enrolled in a Magnate school/Gifted and Talented Education program. Their teachers gave us a different prospective on how to prepare them for college besides investments. They opened our eyes on multitude of programs (scholarships, grants, loans, etc ...) that are available that not many people take advantage of. A lasting word from their teachers stock in my mind to this date - "however, they must make the grade required."

Instead of investing money towards college, my wife and I invested our time and effort, and instilled values on them at an early age the importance of education. I am sure that they remember my wife and I's struggles to get our degrees. It was a lot of work for all of us (our schedule revolved around our kids' school and activities) but it was worth it at the end. We learned that the most critical times start on their freshman year.

Our goal has always been for our children to be better off than us. To make a long story short, our oldest son (22) will be graduating from the US Air Force Academy in May 2007 and our youngest son (19) is a freshman in University of Arizona with full ride Naval ROTC scholarship.

Luckily, it also help that they both want to serve in the military (4th generation). BTW, both my boys were not all straight A but were honor students and scored high on SAT/ACT and other measured factors as a whole.

Again, thank God this worked for us, but please understand this is not for everybody but something to think about and consider.

Sorry for the long response. Good luck!



I voted for my "FREEDOM", "GUNS", and "MONEY" - keep the change - UNK.

"I am always proud of my country!"

"Leadership Rule #2: Don't be an @zzhole." - Maj Gen Burton Field.
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