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College Savings


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My daughter is 5 and my nephew is 4 and i would like to try to be smart about college and go ahead and start a college fund early. How do i go about this? I see advertisements all the time for a few dollars a month that "guarantee" the funds to be safe and available, etc. But i know NOTHING about this kind of stuff so any advice you guys can offer would be great. :pardon:

 

Thanks!

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Look into the 529 plans offered by many states. Google "georgia 529". It is a tax deductible plan for education. It is offered by many states and you are not restricted to the specific state you reside in. It is not name specific. If one child decides not to further their education another in the family can use it. You may want to look at clark howard's web site. He used to have them rated which is the better states to join. The difference is the management fees that are charged to handle the accounts.

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check into stipulations....I think if I am remembering correctly, some education savings can ONLY be used for college without penalty. So if your child decides college is not for them, you don't just get your money back.....you can only transfer it to another family member.

 

I may be wrong, but something to think about.

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