4 thoughts on “My Quest For College Savings

  1. We went with the CA 529 for Cora, I believe I remember jake mentioning that CA has the best one of all of the states (you can open one anywhere, not just the place you live I guess-obviously I wasn’t very involved in this process). Bummer that Obama wants to end it though!

    • I actually read more about it since posting this and it’s not that he wanted to end it, it’s that he was trying to significantly hike the taxes so you’d be making a lot less! So in a sense, ending the existing 529 in favor of a less profitable version. It’s great that you guys got something going already.

  2. My wife and I couldn’t afford to properly save for both retirement and college in the early years (one income). So, we thought the best idea was to choose retirement because there is no financial aid for retirement. Plus, who knows what your kid will do? Fast forward 17 years and we are facing college bills shortly. We have some money in 529’s, and we are paying some private school tuition now, so we may be able to cover the costs out of operating. Needless to say, we are much better off now than we were in the early years. The financial aid process is very complex and the value of your 529’s will impact how much aid you receive. The worst part is that if you have multiple kids, with multiple plans, you have to declare the total of all plans, even for the younger kids! It’s quite unfair. Your child is lucky to have such planners for parents.

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