Multiple kids and college funds

[4kids4karen]

I have two in high school and both have 529. The older of the two has twice as much using the logic that we can roll whatever he doesn't use to his sister's at a later date. His sister being the youngest, we can't roll to anyone but our nieces. I'd rather not have too much in their 529 where there will be left over. I am also not using the 529 to cover every and all cost of college, just the bulk of the tuition after scholarships, post 9-11 GI Bill, etc.

 

[TnTWalter]

we have 3 kids and have been saving since 1st was born more aggressively last 5 years... but between 2008 and bad funds I guess growth hasn't been quite what was expected, etc. . . we barley have enough for 2 kids to go in-state [$20 k per year each]....#1 is in college now and went private but received scholarships = to in-state. Our 3rd says he wants to join military. fingers crossed. lol or he might do the community college route, we'll see, he's not as academically inclined as other 2. If he does go to traditional college, we plan to cash flow him. our house agreement is we will pay 4 year degree in-state you get scholarships or work to pay difference if choose another route. our 1st plans to get doctorate [physical therapy] most likely she'll have to figure that out herself.

so moral of my story keep saving. i also know you can use the funds for yourself or private primary schools now [just passed] or grand kids I believe.

 

[Hikergirl]

We have savings for all of our kids, it is for their education whether it be college or trade school, but it is their money. If one of them chooses to not go to (or finish) college it will still be their money. We will just wait to give it to them until they need it to purchase a home.

 

[QueenIsabella]

We have savings for all of our kids, it is for their education whether it be college or trade school, but it is their money. If one of them chooses to not go to (or finish) college it will still be their money. We will just wait to give it to them until they need it to purchase a home.

Just a thought on this--I read somewhere that it was better to give them the money, AFTER they bought the new house. The reasoning being, if you give money before, the young adults buy a larger, more expensive home, that they then have to furnish, keep up, etc. If you give them the money after purchase, they then have a nice cushion that they can use for the inevitable costs associated with home ownership--new furnishings, lawn equipment, a new fridge, and so forth. Just something to consider.

 

[crisi]

I have two kids - a nearly 20 year old who is not the four year college type, and an 18 year old heading off to college next year.

We saved aggressively for them, and each has enough to cover 4 years at a private school if they wanted. My son did a year of trade school, but floundered and is taking some time to discover delivering pizzas is not a good choice for the long term. Because he's a little older, he had a little more in and will need far less for school - so right now, his 529 is paying her tuition until it evens out a bit (which will be about one semester).

His money is my money - and I've made it clear to him that its my money - it was saved for college, but it was also saved for him to get a start on life. So we will hang onto it until he figures out how to be a responsible grown up, and then negotiate with him based off that outcome. It might end up being used for our retirement. It might end up being used for his sister's school. Or he might decide he does want to go to college. Or he might go back to trade school. Or he might need a truck for a business, or a downpayment on a house (heck, there is enough there for a small house).

 

[BLAZEY]

We are in Canada and have a RESP (registered education savings plan) for DD9. Any funds not used for her post-secondary education can be rolled in to our retirement savings (RRSP) tax and penalty free provided we have contribution room.

 

[aprilchem]

We have UTM Accounts (trusts) for each of our children in their own names. Our goal is to save enough for each to pay for college, but they likely won't have to pay for college because I'm a college professor and there is a long list of institutions they can go to for free (which is why we don't have a 529 account for them).

If they don't use the money to pay for college, our hope is that they'll use it for the downpayment for their first home or for graduate school.