Is anyone saving for their kids college fees ?
Aug 28th 2009, 3:01 pm
#46
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Re: Is anyone saving for their kids college fees ?
No. The way I figure it is it's better for them to get loans and know what their education costs than get it all for 'free.' Plus, I'd rather put it all for our retirement and be able to take care of ourselves when we're old and be able to help out kids when they may really need it. I'd rather give them $35k for a down payment on a house or to help them if they lose their job or to pay for our healthcare than fritter it away on something they have to decide when they are 17 or so.
Whilst I understand what you are saying...couldn't that have the opposite effect...that debt is OK and it's just something you live with? Also it may put many off going to uni...they may prefer to get a job than have qualifications and a huge debt to pay off.
Aug 28th 2009, 4:52 pm
#47
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Aug 28th 2009, 4:55 pm
#48
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Aug 28th 2009, 5:20 pm
#49
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Re: Is anyone saving for their kids college fees ?
We are - we are using the guaranteed Florida State plane though, rather than the 529. Sure, its a long way out, but even if we moved, the plan is reciprocal for other states, although ideally a college in Florida would be the best place to use the plan as the tuition will be guaranteed. If the worst case scenario happens and we can't use it, we can get a full refund of all monies paid in (no interest though, obviously).
As I understand it, the Florida plan is one of the better ones around - but would be worth checking in your state to see what they have.
As I understand it, the Florida plan is one of the better ones around - but would be worth checking in your state to see what they have.
Last edited by Dan725; Aug 28th 2009 at 5:23 pm.
Aug 28th 2009, 5:55 pm
#50
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Re: Is anyone saving for their kids college fees ?
More than likely. If you read the MBTUK forum you will see this topic comes up often. You'd be suprised how many parents thought they could just pop their kids back to the UK and get a cheap UK uni education when the time came. Trouble is it doesn't work like that.
Aug 28th 2009, 9:06 pm
#51
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Re: Is anyone saving for their kids college fees ?
I disagree since you haven't been paying the taxes. It is estimated that the average Oxford undergraduate cost is £18,600 per year per student to educate.
Aug 28th 2009, 9:14 pm
#52
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Re: Is anyone saving for their kids college fees ?
S,
This would have been the way to do it, another benefit being that many companies have tuition assistance plans that pay for their employee's further education.
Regards, JEff
This would have been the way to do it, another benefit being that many companies have tuition assistance plans that pay for their employee's further education.
Regards, JEff
Aug 28th 2009, 9:31 pm
#53
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Re: Is anyone saving for their kids college fees ?
But it's not me is it? If a child is taken out of the UK by their parents they don't have a choice. Therefore why should said child...a British citizen...be penalized?
Aug 28th 2009, 9:43 pm
#54
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Re: Is anyone saving for their kids college fees ?
The UofO (go Ducks!) had to do.
Our neighbours daughter is going through that right now. She graduated college last year with a Master's degree in Marketing and couldn't get a job. Everyone wanted experience. She's currently working at Radio Shack cause it's the only job she could get. She even got turned down for a couple of low paying jobs because they thought she was too qualified. She's now wishing she had gone to work to gain some experience first before continuing on with her masters.
I mean, sorry to hear about your friend. <g>
Aug 28th 2009, 9:52 pm
#55
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Re: Is anyone saving for their kids college fees ?
It may not be the fault of the child but it is also not the fault of the British taxpayers. In my opinion, it was the desires of the parents that created the situation and therefore they should be responsible for the cost.
Aug 28th 2009, 9:58 pm
#56
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Re: Is anyone saving for their kids college fees ?
Aug 28th 2009, 10:20 pm
#58
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Re: Is anyone saving for their kids college fees ?
Will get searching............
Aug 28th 2009, 10:28 pm
#59
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Re: Is anyone saving for their kids college fees ?
I'll definitely have a trawl through to see what I can read. I was thinking that if we returned next year, we'd have been back 3 years prior to my eldest event contemplating Uni so we'd therefore be OK. This is obviously far more complex than I thought Will get searching............
Will get searching............
Aug 29th 2009, 8:22 pm
#60
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Re: Is anyone saving for their kids college fees ?
We are an L1A/L2 family and have been here in Houston for 15 months now. Next review DH is going to ask for the green card process to start. Obviously this may or may not happen and it is always a possibility that we will head back to UK or elsewhere in the big bad world. At present we hope to stay long term. DS is 10 and has just started 5th grade. Back in the UK we had no college/university 'savings' for him but we are now thinking that we should get this started 'just in case'. I hear awful amounts of $35K per annum being brandished about and was just wondering what others had done in our situation. We could start saving monthly or forego bonuses and put them into some sort of plan but then what happens if we move or dude does not go to college (he is fairly bright so have high hopes but then he is only 10 who knows 
). Am totally distrustful of financial planners as all they ever want to do is sell us more crap but if anyone has any recommendations in the Houston area please pm me!
All input appreciated, TIA.
). Am totally distrustful of financial planners as all they ever want to do is sell us more crap but if anyone has any recommendations in the Houston area please pm me!All input appreciated, TIA.
There are many 529's all over the US, but a good place to start might be Kiplingers magazine, Money magazine or another magazine with reviews of the different plans. Look into the different state income tax benefits and costs assocoiated with it.
Something else to bear in mind, is that 529 money can be spent at any University on the list of the US dept of education as being an accredited university, and last time i looked nearly ALL the uni's in the UK were!! So that might give you another option if your kids want to go to uni in the UK!!