My daughter just started 9th grade this year. Four more years and she'll be in college (hopefully) Smart kid and hopefully will have some sort of scholarship but I don't want to count on it.
2006-09-12 23:44:32 · 8 answers · asked by curious 1 in Education & Reference ➔ Financial Aid
I know what I SHOULD"VE done. Don't bother to answer just for the sake of answering if this is your only answer!
2006-09-12 23:49:24 · update #1
First, if you aren't saving enough for retirement, get that maxed first. You can borrow for school but not for retirement.
Second, after #1 is set, don't put it in her name. It'll kill your need based aid. 35% of the total is counted against you each year you apply for aid. In your account, it's 5.6%.
Third, if you only have one child, I would wait on 529 plans until the end date of the tax savings is extended. You could put the money into a ROTH IRA and later withdraw the principle without being taxed. In addition, it's hidden from the fin aid calculations...
Fourth, scholarships are worked for and now is the time to start. Take the hardest classes she can handle. Harder classes with B's is better than easy with A's. Get involved in extra curriculars. Service is a great area because private colleges love to give scholarships/fellowships for service.
2006-09-13 00:56:47 · answer #1 · answered by Father Knows Best 3 · 0⤊ 0⤋
Let's not dwell on wasn't done. Apart from her getting loans and leaving college with heavy debt, here's a few suggestions:
1. Set up a 529 account. Don't be too aggressive with your investing because the timeline is short.
2. Ladder some CD's and fund them with money that comes directly out of your pay check.
3. It's time for her to help out. She can get a job and fund the account with a set percentage of her earnings. As motivation for the "now", she can keep a set percentage of her earning for spending, etc.
Good Luck :-)
2006-09-12 23:55:13 · answer #2 · answered by The ~Muffin~ Man 6 · 1⤊ 0⤋
Open a conservative 529 account.
Check with the colleges that your daughter is interested in attending. Many offer work/study programs.
2006-09-13 09:15:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
fastweb.com or scholarshipfinder.com, great websites for scholarships, most just require a one page essay or so. Apply for one or two every weekend. That's how I'm paying for my college (my parents didn't save either, plus I have 3 older sisters)
2006-09-13 03:51:50 · answer #4 · answered by just curious 5 · 0⤊ 0⤋
You got to earn it, before you can save it. When you do have spare money invest it in high yield certificates of deposit.
2006-09-12 23:47:14 · answer #5 · answered by WC 7 · 0⤊ 0⤋
you should have started years ago, but loans are a great way. Also have her get a job.
2006-09-12 23:46:24 · answer #6 · answered by Southie9 5 · 0⤊ 1⤋
you sould have started to save when your daughter was born
2006-09-12 23:47:35 · answer #7 · answered by candy 1 · 0⤊ 2⤋
Stop spending.
2006-09-13 02:57:14 · answer #8 · answered by A 4 · 0⤊ 2⤋