Smartest way to save for college?
With one child in college, one in preschool, and another one due any day now, college savings plans are never far from my mind.
I've given some consideration to a 529 Plan 
, but after looking over some of the details, I'm not so sure. There are a few pros and cons to consider, but the thing that keeps stopping me is that if the money is not used for education-related expenses, there are heavy penalties to pay.
I certainly will encourage my kids to go to college, and hope that they do. But do I want to pay a penalty if by some chance they don't? It's not that I won't save money for their education — we're certainly investing and saving right now, if not in a college-designated fund — I just wonder if there isn't another more flexible option that is still a smart choice.
Parents: How are you saving for your child's education? Do you have any concerns about the investment vehicle you've chosen?
Editor's note: There's a new addition to Caroline's family — her son Gus was born on January 25, 2008! Caroline will be on leave from the Student LoanDown for the next few months. Please join us in congratulating her!
| 
Contact Caroline
| 
Comments (1)
Found in College, Financial education, Money management, Parents, Paying, Saving, Tuition, Wells Fargo Bank
Comments
I decided to purchase a brand new investment property in order to finance my son's education. I realize not only college, but private school are a real possibility to have to pay for. Cash flow will provide both current needs and future. First things first, move to a new location where the local religious school is half the cost. Second, encourage learning through experience so my son will not think it is boring, uninteresting etc. Learning should be fun!
Posted by: tooshelly | February 4, 2008 12:22 PM