College saving plans
- Thread starter 7dgirl
- Start date
smilin
BOXER NATION
Take a look at the Upromise website online:
https://uii.s.upromise.com/index.html
They have a lot of information and advice which will help even if you use the MD program. I use them because I get percentages for my purchases deposited in my kids accounts. Friends and relatives can help out too However they are not affiliated with MD.
C
czygvtwkr
Guest
Might look into a Roth IRA, those can be used for education expenses or your retirement later on if the kid turns out to be a dullard.
chernmax
NOT Politically Correct!!
MD 529 Link
College Savings Plans of Maryland | Section 529 Plan
There are two options (1) MD prepaid college trust and (2) MD college investment plan. Both have low fees and you can deduct up to $2500 per child from your state taxes (I think it may be higher for the prepaid trust but not sure). You can open the account right on line or print the forms out and mail in - the link above should be able to answer all of your questions.
College Savings Plans of Maryland | Section 529 Plan
There are two options (1) MD prepaid college trust and (2) MD college investment plan. Both have low fees and you can deduct up to $2500 per child from your state taxes (I think it may be higher for the prepaid trust but not sure). You can open the account right on line or print the forms out and mail in - the link above should be able to answer all of your questions.
Lurk
Happy Creepy Ass Cracka
Has anyone who has been buying into one of these plans actually put a child through college with the funds yet? I've heard horror stories like "I put money into the program for x-ty years and there wasn't enough to pay tuition and books, let alone the rest of the expenses." Seems there was a big scandal a couple years ago about some state (probably California) defaulting on the deal.
MOM is trying to fend off any major expense-hikes for students in MD but that can't last much longer. Will the money be there? That's my question.
MOM is trying to fend off any major expense-hikes for students in MD but that can't last much longer. Will the money be there? That's my question.
smilin
BOXER NATION
There are charts online that you can plug monthly payments in to see what you end up with. Not too sure of the program you are talking about, but the 529s we have go up and down along with the investment vehicle.
A full ride anywhere is so expensive that you will have to start saving max amount when the kid is just about a newborn to try to pay for it...
puggymom
Active Member
Just think how much $ all you Marylanders would have saved for college if your state had no income tax in the first place......
That alone for a typical income family would probably have paid for college without even having to take additional monies out to put aside.
Maryland, my home state, is a beautiful place, and love to visit, but it just doesn't make sense to hang around while being screwed by their government to pay for so many that do so little or nothing.
That alone for a typical income family would probably have paid for college without even having to take additional monies out to put aside.
Maryland, my home state, is a beautiful place, and love to visit, but it just doesn't make sense to hang around while being screwed by their government to pay for so many that do so little or nothing.
