I'm looking into which avenue Jason and I want to take to fund our kids' college education; either 529 plan or MET (MI Educational Trust). Either way, we're getting the dollar bills sucked out of us for the next 15 years.....
....anyone have an extra $51,200 lying around that they'd like to give us? Oh wait - we have two kids...make that $102,400.
skip to main |
skip to sidebar
The Good, The Bad, and The Funny
7 comments:
That's all? Our financial planner estimated that college would be 80K per year (full room, board, and tuition) by the time Carter is 18. Ouch.
We do a 529 thru Edward Jones. I can't remember why we didn't pick the MN one, but I can ask if you want.
You're right about the amount but with the MET, if you "invest" $51,200 before they turn 18, then the state of MI will guarantee 4 years (8 semesters) of undergrad (up to 120 credit hours). With the MET, you're essentially paying for 4 years of college at today's prices 18 years ahead of time w/out the added market risks that come w/ a 529 plan. Basically, whether the economy is up or down, you're invested money will never be lost. It's because the trusts assets are mostly cash and bonds.
Isn't it super expensive??!!!?? We haven't chosen a fund yet, so we are just putting money away in another type account until we decide. Hopefully by the end of this year we make a decision. UUGGGHHH
My grandfather bought all of us MET trusts, it was really nice when bills came out at school and mine had a nice fat "paid" stamp on it.
That being said, J and I are still trying to figure out what to do. And since you are not obligated to purchase a plan according to the state you reside in, we are also trying to decide if we want our kids to go to school in MI or OH, or somewhere else entirely. (we hope at least one our kiddos will end up at Tech!)
Scholarships...push for scholarships...lol
I was on the MET and I'll tell you it was a good investment on my parent's behalf. However - much of my schooling did end up in scholarships and then that money can't be gotten back! Sort of a crazy idea...
I'm hoping for a hockey scholarship for Justin :) JK!
I think I'm gonna ask my financial planner about the MET thing! See if there is something similar for MN and/or reciprocity states...
Post a Comment