Hi all!
I am new to Bogleheads - just discovered the Wiki and the forum last week and have learned a lot!
I have a question regarding saving for education. We have only one kid - a 5 year old daughter. My husband and I do not require her to attend a college. If she wants to do something else instead of getting a college degree, we will totally support it. We also want to support her college tuition if she chooses to do so. My questions are:
1. Should we invest in 529 college savings plan? Whenever I bring this topic up, my husband always says that this will reduce the chance of our kiddo getting financial aid from the government. I am not from US so I don't know how the system works and how true his statement is. He is from here but he doesn't research those topics. So his information is very incomplete and I feel this should not be the reason why we don't invest in 529. How can I convince him that 529 plain is beneficial to us, given our situation?
2. Are there other ways to save for college that are similar to 529 plan but more flexible? The consideration is that we are not able to spend the funds on qualified expenses, if she chooses not to attend any schools post high school.
3. How much should be invested in college saving plan given the uncertainty? Will there ever be "too little" or "too much"?
I appreciate any advice that you can share with me!
I am new to Bogleheads - just discovered the Wiki and the forum last week and have learned a lot!
I have a question regarding saving for education. We have only one kid - a 5 year old daughter. My husband and I do not require her to attend a college. If she wants to do something else instead of getting a college degree, we will totally support it. We also want to support her college tuition if she chooses to do so. My questions are:
1. Should we invest in 529 college savings plan? Whenever I bring this topic up, my husband always says that this will reduce the chance of our kiddo getting financial aid from the government. I am not from US so I don't know how the system works and how true his statement is. He is from here but he doesn't research those topics. So his information is very incomplete and I feel this should not be the reason why we don't invest in 529. How can I convince him that 529 plain is beneficial to us, given our situation?
2. Are there other ways to save for college that are similar to 529 plan but more flexible? The consideration is that we are not able to spend the funds on qualified expenses, if she chooses not to attend any schools post high school.
3. How much should be invested in college saving plan given the uncertainty? Will there ever be "too little" or "too much"?
I appreciate any advice that you can share with me!
Statistics: Posted by shainechiu — Mon Jan 08, 2024 3:16 pm — Replies 2 — Views 90