The education-savings tag has no wiki summary.
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Tax advantages of using 529 plans to save for child's education?
I have been looking into 529 plans for my son, and my primary banking and financial institution offers a 529, but their 529 is not as high performing as some other likes Vanguard, T Rowe, or State ...
7
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3answers
209 views
What is the best approach to save money for College for three kids?
I have three kids ages 4, 3 and 0 and I am concerned about the cost of college education for my daughters. A lot of the "public" schools (not community colleges) cost between $20,000 to $24,000 a year ...
5
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4answers
205 views
Should I save for a down payment or pay off school in cash?
I am able to save about $1000/month after all bills. I can either save this money for a down payment on a house, or pay for my (rather expensive) grad school program in cash and incur no additional ...
5
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1answer
104 views
Can my sister open a Coverdell ESA for my son?
My son is, naturally, claimed as a dependent on my tax returns. My question is:
Can my sister open a Coverdell Education Savings Account (an education IRA) for my son (her nephew)?
I am aware that ...
4
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1answer
66 views
What should I consider when opening a 529 for someone who is not my dependent?
I have some money languishing in a CD. I rigged the baby pool when my "nephew" [best friends son] was born and set my ill gotten gains aside for his education.
I would like to open a 529 for him. I ...
2
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2answers
67 views
College Savings: Using available IRA vs establishing a 529 plan?
A financial adviser has recommended to me using my IRA to save for my son's college with the following notion in mind:
529 plans must be used for education, therefore if he doesn't want to attend* ...
6
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3answers
346 views
Saving for niece's education: Roth vs 529 vs something else?
I am considering starting an account to help fund my girlfriend's niece's education. I am looking at contributing a small amount each month. I would also like to maintain control of the money and be ...
5
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1answer
336 views
Can I convert my 529 college savings plan to a Coverdell ESA?
Can I convert my 529 college savings plan to a Coverdell ESA, or am I stuck with my 529 plan?
10
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1answer
438 views
Does it make sense to “save” for college by paying off my mortgage?
Assumptions (using round numbers):
Two children start college in 12 and 15 years.
Currently saving $400/month in a college savings fund earning ~2%. (Some in a taxable account, some in a Coverdell.)
...
5
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2answers
63 views
In state 529 plan, out of state college?
Do you have to open a 529 plan for the state that you live in? and if you do, can your child go to college in any state and still use the money saved?
6
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2answers
113 views
Is there any tax-deductible way to help fund my siblings' education?
My brother is in college and my sister is attending a private high school. I would like to help my parents pay for their education. Is there any way to do this that would be tax-deductible?
7
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2answers
175 views
Can I start a 529 plan for a child before the child is born?
A recent question got me wondering about this one: Conventional wisdom says "It's never too early to start saving for your kid's college education." But a 529 plan is taken out for a specific person. ...
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5answers
1k views
Strategies for putting away money for a child's future (college, etc.)?
So my wife and I will be having our first child at the end of the year, and I'm trying to devise a strategy for things like putting money away for the little person now, while I have the time and ...
7
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2answers
125 views
How should I go about investing/saving for my children's college education?
I have 2 kids (10 and 6) and I was thinking about putting money away for them (for college, for instance). I've looked at various options and the more I look, the more I am confused with the array of ...
4
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2answers
204 views
What are the rules on overfunding a 529 college savings account?
I read somewhere that overfunding a 529 account could be subject to taxes and a 10% penalty. Does anyone know how this works? Obviously, it is very difficult to predict the tuition costs 10 or 15 ...
7
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2answers
1k views
Do I need to start a 529 plan for each child (2 separate plans), or can I just open one 529 plan and let both children use it?
I am looking at starting 529 plans for my kids. My question is whether I need to start one for each of them (2 separate plans), or can I just open 1 and both of them can use it?
I would assume the ...
3
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3answers
174 views
What are some ways to save for a child's education?
My brother just asked me this question: he currently has a son that is three years old. What are some ways to save for his son's education? What are the pros and cons of each way? How much should ...
8
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1answer
123 views
Investment fund for your child's education?
I have two young children that I am hoping will follow in my footsteps and choose to go to college some day. How do I go about setting up some type of an investment fund for them? I've heard there are ...
5
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1answer
378 views
Can I get a tax deduction for giving towards my grandchildren's education?
I have 4 Canadian grandchildren. Can I get a charitable tax deduction if I give towards their education?
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2answers
392 views
Group (pooled) RESP plans in Canada: Education savings advantages & disadvantages?
I'm familiar with the Individual and Family types of Registered Education Savings Plans (RESPs).
There's also a third type: Group (pooled) RESPs, which I mentioned in this answer. I didn't provide ...
5
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1answer
3k views
RESP withdrawals: What are the eligible/qualified education costs or expenses, other than tuition?
A few years ago, my wife and I started an RESP to help us save for my daughter's eventual post-secondary education. We're doing well with it: we take advantage of the maximum government match, and ...
6
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2answers
172 views
How much is college / university projected to cost in the U.S. in 18 years?
[Moderator note: A similar question was recently asked with respect to Canada. This is an important enough question warranting treatment for the U.S. as well.]
How much is college / university ...
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4answers
1k views
How much is university projected to cost in Canada in 18 years?
I don't know how much I should put into an RESP for my son. I have $1000 to start and plan to put $100 / month into it. Will this be enough to pay for university when he turns 18?
2
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1answer
595 views
Is an RESP the best investment option for my young child?
I recently had a baby and am thinking about opening an RESP to save for his education. Is this the best way to invest my money? Is there a chance of losing money this way?
5
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2answers
179 views
How can a 529 plan help me save for my child's college education?
How can a 529 plan help me save for my kid's college education? Who offers 529 plans? Are there any special restrictions or conditions on these plans that I should know about?
6
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1answer
2k views
What are the best options for an RESP for my 2 year old kid?
Just starting to look into RESPs for my kid. There are RESP funds, or I could just throw money in a GIC... wondering where else I should look... and what I can do.
