Comments on: Saving Money for College- Education Savings Accounts and 529 Plans

By: * Dave Ramsey’s Baby Steps Explained

* Dave Ramsey’s Baby Steps Explained — Wed, 08 Apr 2009 02:06:54 +0000

[...] For Children at My Two DollarsHow much to save for a baby’s college education? at Sense to SaveSaving Money for College- Education Savings Accounts and 529 Plans at Think Your Way To WealthBaby Step 6: Pay off home [...]

By: Preparing Financially for Your First Child | Good Financial Cents

Preparing Financially for Your First Child | Good Financial Cents — Wed, 07 Jan 2009 04:47:57 +0000

[...] You may be tempted to start a college fund right away, but don’t sacrifice your retirement investments. Junior has lots of options to cover college expenses, such as scholarships, work and attending community college and state universities. What alternatives to retirement do you have? Think Your Way To Wealth has the basics on 529 Plans and ESA’s. [...]

By: Recent Links Tagged With "ira" - JabberTags

Recent Links Tagged With "ira" - JabberTags — Sun, 07 Dec 2008 06:34:46 +0000

[...] Bad Idea! Saved by stkchen on Wed 19-11-2008 Roth IRA’s 101 Saved by lacox on Tue 18-11-2008 Saving Money for College- Education Savings Accounts and 529 Plans Saved by jaydu on Sun 16-11-2008 I accidentally contributed too much to my IRA's this [...]

By: RC

RC — Sat, 23 Aug 2008 00:16:54 +0000

Evan- Thanks for the info. It does make a difference whose name they are in. Will check out your article.

By: Evan

Evan — Thu, 21 Aug 2008 19:12:45 +0000

RC,

You have to make sure the 529 is in your name/SS#, otherwise you will hurt financial aid possibilities ( IF financial rules dont’ change in the next 14 years lol).

You may want to check out my post – Introduction to College Planning.

By: RC

RC — Wed, 20 Aug 2008 12:10:54 +0000

@Scott-
Thanks! You are right, I should just set it up and auto fund it, even if I start off small. Thanks for the advice!

By: Scott @ The Passive Dad

Scott @ The Passive Dad — Wed, 20 Aug 2008 07:24:01 +0000

Great article on both the ESA and 529. I started a 529 for my daughter when she was one week old, but waited 2 years for my son. I think it was the first child jitters that I had. I would recommend just starting an account, either way. Get it setup and auto-funded each month. I have my kids 529 with Vanguard as they have low fees, great performance and an easy website to navigate.
I keep telling my buddies to start an account and they just say it’s on the list of things to do. Some hope the grandparents pay for college. Yikes, that’s a lot of pressure on them.

By: RC

RC — Tue, 19 Aug 2008 19:18:03 +0000

That is one of the main reasons, especially if there is no state tax deduction
or matching contribution. Another big reason for some is that it can be used for
elementary or high school tuition. Around here where I live, that is a reason
several people I know use one- to save for private school tuition, which can
be fairly expensive at the high school level.

By: JB

JB — Tue, 19 Aug 2008 13:18:59 +0000

Thanks for the explanation. So the only reason why I would choose an ESA over a 529 for college savings is if I didn’t like the investments choices for any of the 529 plans?