My wife and I have for a while been discussing how we are going to start the chipmunk’s college fund. We knew all along where the money for his fund was coming from. We were treating the tax refund that we get for him as his money. The only exception is that he is not able to touch that money until he is in college or graduated. Tuition rates continue to rise and its difficult to think about what they will be like once the chipmunk is ready for college. You want to have some sort of plan in place though to help them if you can.
We had been going through a few options like a trust, savings, or a 529 plan. We don’t really like any of those options for one reason or another. We didn’t like the trust because as soon as he turned 18 that money is his and we would have no control over where that money went. Savings doesn’t give us much of a return in the end but is safe. The 529 plans we didn’t’ like because if he ended up being a super genius (not likely if he got any of my genes) and got a ton of scholarships then that money is well a waste since you can only use that money for education expenses.
We want to be able to provide for our child and give him the education that he needs. This is something that I’m sure alot of parents think about and have many questions about. What are some of the things that you have done to help with college expenses when that time comes?