What is the best way to save for your child's college tuition?
366307
First of all, put money in regularly.  Monthly or even weekly if you can.  College is going to be expensive, so the more the better.  Secondly, go with an investment that gives you some tax benefit as well.  Currently, the 529 plan (also called a College Investment Trust) has the money growing tax deferred, and as long as it is withdrawn for qualified higher education expenses it is tax free (this may change-it has a sunset provision for 2010).  Another option is a Coverdell Plan, what used to be called an Educational IRA.  They also allow you to earn with taxes deferred, but you can only put 2k away in them-the limits on the 529 plan are much higher.  The nice thing is that neither of these plans have a really significant impact on a child's ability to get financial aid-unlike having it in just a regular savings account!
550750
fafsa.ed.gov\ntake advantage of it, your education will last  a lifetime
1098937
If you expect (or want to) receive any financial aid to pay for college, you need to either spend that money or hide it in a (gasp) retirement account. If you don't, FAFSA asks you how much you have saved, and your financial aid package will expect you to spend all of that money.\n\nThe best retirement account to hide it in is a Roth IRA (but you can only contribute to it in the same year that the money is earned, so it might be too late for you). Do some research online into Roth IRA's.\n\nIf you don't expect any financial aid or you don't find a retirement account, you should put the money into an account that earns the most interest. Generally it'll be an online money market or savings account. Currently the best ones are linked below. Make sure you read the terms and understand how to transfer money in and out of these accounts.
1016937
Yes, as a matter of fact I have done the college savings plan in my state for my 7 year old, because by the time she's in college it would cost a small fortune. By doing it this way I am paying what it cost now, and if she doesn't go I get the money back. But she BETTER go. LOL!
54865
There are a lot of factors that you need to consider.  Such as how do you want to save the money.  You can go with a reg. savings account, stocks, bonds, IRAs...  Also, if you put the money into a money MAKING account, you may have to pay taxes even if the account is in your childs name.
516533
mom_of_2 is absolutely correct.  Make sure that you take care of your own retirement first.  There are many variables regarding your kids' educations: they might not go to college; they might go to a public university which is more affordable; they might get scholarships or grants.  That's a lot of unknowns.  It's a lot more certain that you will reach retirement age.  Also, if you have an IRA, you can draw down early from that IRA without penalty if you make that drawdown for education.  Also, you don't want to leave your retirement in such a poor state that your children have to support you.  It defeats the purpose of trying to do what's best for your children.\n\nIf you've taken care of retirement and still have money left over for investing in your childrens' education, you have a number of options: 529 college savings plans, education savings accounts (ESAs, formerly education IRAs, and other options).  What works best for you in part is determined by the laws of the state where you live governing 529 plans.  Get yourself an education on the at the Vanguard Web site.  Good luck.
538090
I would try a ESA. It's an education savings account that can be used for any educational purposes. Not just college.\nOr you cuold try a UTMA account. Uniform Transfer to Minors. An adult would be custodian on this account until the minor turns between 18-21 yrs old depending on the state of residence.
8339
Find safe investments through a reputable investment firm.  That way you'll make some money but you won't lose it.  If it's for college you probably want to hang on to at least what you have.
84675
have them fill out the FAFSA form.  If they can't get loans for school, then you have too much money.  Get in contact with the college's financial aid office, and apply for scholarships and work-study programs.
88921
Save enough to pay off the school is your first step, then use Americorp to help pay your current tuition (interest rates on student loans are higher now than a few year years ago).  You may also think about "consolidating" your Stafford loan to get a fixed rate before June 30, 2006.
671962
I know Washington Mutual has information on savings account tips for kids.  You may want to check out their website for more information.\n\nhttp://www.wamu.com/about/community/programspartnerships/education.asp#WaMoola
1170331
Sallie Mae, the school will handle it. Your son or daughter gets loans, grants, aid, work study in some combination. The loans are like 3 to 5% i think. You only pay them when he or she drops out or graduates.
74046
do the fafsa!  it's the #1 best thing for you to do.  you can fill it out online as well.  Income level does tend to affect your aid - if you or your parents make less money, you usually get more financial aid.  it also depends on what other costs you/your parents have - other dependents, other people in school, etc.  but definitely do the fafsa - and renew it every year!
926377
Fill out the FAFSA online! They use tax return information from the previous year, and if you were a single mother, you should qualify for at least a Pell Grant, if you weren't making much money. On the FAFSA, you can choose if you're interested in just grants, loans, or both. The FAFSA is free. The worst they can say is "no." \n\nAlso, many employers nowadays offer tuition reimbursement. It may not be publicized, but should always be asked. If you have a college or university near you, many times they will pay your full tuition or at least part if you work for them.\n\nAnd lastly, check websites of the universities/colleges you're interested in. Many times you can find links to scholarship applications. There are many scholarships out there for non-traditional students. Also try the website: www.fastweb.org. There are many links to national scholarships.
631239
Of course, teach your children the real value of the money and hard work, and try to make them take the best education they can, make them good students so they can reach a scholarship and support them yourself.\n\nMy dad left his house as a teenager, managed it to go to a public university and he is pretty successful, we're not rich, but he did everything he could to send my siblings and me to the best schools, and teached us how to do everything cleanly, differently from many of our richie-rich cheaty classmates. I graduated the last year from a private university, and I'm struggling now, I do have a job now, but I know I'll do it better soon :)
299613
I would go to Savingforcollege.com and enter my state on the left hand side.  They have many investment options \nI would recommend investing predominately in stocks when they are young and slowly switching to bonds as they get older.  If you don't like stocks you can invest in bonds or money market funds.
717351
Loans, grants, scholar ships and the kids should work and be saving for college. Try to invest wisely now.