Any uz guys do a 529 for college?

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OK, to unpack this in more detail...

Aug 5, 2020, 12:22 PM

Yes, we have 529s for our kids. They are NOT Virginia 529s. They are with Vanguard.

First I would recommend talking to your financial advisor. Ours (we have had two and we have an uncle who is one) have all advised that one simply cannot pay for college by savings these days. That does NOT mean one should not save, it just means that the 529 will be only one piece of the puzzle.

Why?

Because college these days is a bullsh*t racket that is far more expensive than it should be. There are myriad reasons for this and a lot of it has to do with the post-NAFTA economy, but just know that college is WAY more expensive than it used to be. See a great resource below.

So what to do then?

To use the PAW family as an example, we put $ into 529s as we were able, but only AFTER funding our retirement (one can borrow for college, one cannot borrow for retirement).

Now that lil'APM is about to go off, here's how it worked out:

He got into his top 3 schools (UVA, W&M, Elon).

He completed all the applications, etc. for aid and at the end of the day it was a wash - Elon (a private school) was about the same as UVA and W&M (public schools, but "public Ivies" - i.e., selective with a relatively small student body).

Elon was his top choice. They not only gave him a fellowship in his major, but also gave us need-based and merit-based aid, which public schools don't generally do.

So we are financing the first two years as follows:
-lil'APM has a work-study gig on campus
-lil'APM is paying for "spending money"
-'lil'APM is taking on the student loans that are subsidized and interest free while in school

-Mom & Dad are using part of the 529 this year
-Mom & Dad are paying a portion in cash
-Mom & Dad are taking small loans for the balance

That will get us through the first two years. Elon has need and merit-based aid available to upperclassmen and all students each year, so he will apply for additional aid in the spring for next year. If our income changes what we pay will be increased or decreased. Many juniors and seniors get department-specific aid as they progress in their programs.

That's the best we can do.

Our financial advisor tells me if the Dems get elected in the fall, expect some student loan relief of some kind.

Also, if you want to understand more about how we got in the mess we're in with higher ed and why the COVID crisis is likely an extinction event for many small private colleges, this is a great read:

https://www.paultough.com/books/years-that-matter-most/

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I finally get it

UTMA***

Take it out and buy gold.

*Unzips pants***

Doing both.

yes, but meh.

10 yrs left. got about 1 yr already paid for but should be

Will give more details later, but tmale if you want.

Re: Will give more details later, but tmale if you want.

deets are below

Yes, for 9 years now. Did a big donation at each child birth

We got 6 yrs for 6 year old and 2 years for

Does that mean you went with an out of stat 529?

No, it is SC***

Re: Any uz guys do a 529 for college?

Don't have that worry anymore, but if I had to do diffrently

7.

OK, to unpack this in more detail...

Congrats on acceptance and college start

All three are great. Depends on the kid's interests.

Yes sir, I was on The five to nine plan

Forgot to mention: SC 529 plan run by a tranny loving cokehead

Yea, and the great thing about the plan in Florida is

As much as I loved Clemson and have benefited from my

I’m looking at starting a couple up soon.

Not to highjack the thread, but I understand

Relax. The Woke crowd is ending cash bail.

What happens if you start one of these, and your kid

I think if it's non-education related there's a penalty***

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