Paying for College

On Saving for College

This New York Times article shows that there's more than traditional ways to start saving for college. Here's an excerpt:

Want to pick up the tab at Harvard for a child born today? It will probably cost about half a million dollars come 2027.


Hey, at least you have 18 years to plan. Parents footing the bill for tuition this fall are facing down a perfect storm of ugliness. Unemployment is rising, while bonuses and commissions aren’t what they once were for those who still have jobs. Others have no equity left in their homes thanks to declining housing prices. Those who do may have trouble finding a bank willing to hand out home equity loans that they can use to pay for college . . .

. . . The Upromise college savings program offers several ways to earn cash for a 529, including 1 percent back on most purchases on its MasterCard; refunds based on what you buy at grocers that link their discount cards to Upromise; and bonuses for shopping at partner retailers online and eating in affiliated restaurants . . .

As the article notes, “Parents beat themselves up about having done nothing and then continue to do nothing because they think it’s hopeless or scary . . . That’s the worst thing that anyone can do. The longer they wait, the harder it’s going to get.”

I can say amen to that. Time to get with the program!

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