Has anyone PrePaid their child's college?

**justmeD** · 12-29-2004, 09:28 PM

Here is my state's...
http://www.florida529plans.com/index.html

For about 21000.00 BOTH of my children can go college for FOUR years each...by the time they get into college it will be that much for one child to go for one year...

i'm very torn as what to do right now?

any advice?

we can always get our money back minus a 50.00 cancellation fee.

**Mom23boys** · 12-29-2004, 10:13 PM

I wish I would have looked more closely into something like this. I know our state had something like this at one time, not sure if they still do. I will have one son graduating in 2006 and am not prepared. We will be talking to his high school counselor in the fall of 2005 and filling out for all types of loans and grants. I wish I would have just paid it in advance and not have to hassle with whats to come. Just my input for what it's worth. I think as long as they have a contract where they say they will pay it back if your child decides to go to another college out-of-state of just doesn't want to go to college at all, then I guess it would be a good deal.

**gkp1031** · 12-29-2004, 10:22 PM

I think its a great deal, as long as you can get your $$ back if your children decide not to go to college. Just my 2cents!!

**Kimmomo3** · 12-29-2004, 10:49 PM

If you plan on paying for your kids college and there are ways to get the $ back if kid doesn't go to college. Do it.

We do not plan on paying for college (helping some) but the bulk is the kids to get.

**frugalmel** · 12-29-2004, 10:57 PM

Sounds good to me, especially if you can get your money out if your child isn't going to college for whatever reason. I actually looked up IL (our home state of residency) and its not as good as Florida from what little I read.

Prices from what I found are way higher in IL.

Let us know what you guys decide.

**simplemom** · 12-30-2004, 09:07 AM

We have started to save money since 2 years, here for the 4 boys. I also wished we would have started earlier....

What is good here, the canadian geverment also adds a certain amount each year, depending on how much we also put in their savings. If they don't use the money for college or university, we will get our money back, plus the interests that will have grown, but not the money the government has put in.

**Michelle** · 12-30-2004, 09:53 AM

I'd do it in a heart beat since you can get your money back should they decide not to attend college. I looked up information for my state, and basically what it is for us is just a fund that is sheltered from taxes. We have saved some for the kids for college so far, but not as much as I would like.