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Have you set up a college fund for your child(ren)


Forum: Traditional Parenting

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  #1  
October 17th, 2007, 07:44 AM
Jami&Marshall's Avatar Jami&Marshall
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What kind of college fund did you set up?
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  #2  
October 17th, 2007, 10:42 AM
Laney21's Avatar Platinum Supermommy
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We have RESP's set up for each of them. It's a savings plan that we pay into each month, and the govt. matches our contribution until they are 18 years old. If the kids use the money for tuition for college/university then they get the full amount, but if they don't end up furthering thier education they have the option to take the cash when they are 25, but they only get the amount I paid into it, not the govt. contributions.
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  #3  
October 17th, 2007, 04:32 PM
*1Boy1Girl*
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No, I just have a savings account for him.

I'd be interested to know a little more about the RESPs!! That sounds interesting!!! Is it tax free?
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  #4  
October 18th, 2007, 08:14 AM
Jami&Marshall's Avatar Jami&Marshall
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My inlaws have set up a college fund for Marshall, so I am not entirely sure what it entails other than just knowing they have done it.
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  #5  
October 19th, 2007, 01:24 PM
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Quote:
I'd be interested to know a little more about the RESPs!! That sounds interesting!!! Is it tax free?[/b]
So would I!
I don't have a college or savings fund yet . i need to. But when you're living paycheck to paycheck..it's impossible to save. I don't have any savings for me yet.
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  #6  
October 21st, 2007, 04:16 PM
Laney21's Avatar Platinum Supermommy
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The only info I can find for you is all Canadian govt sites. I have no idea if you have the same type of thing in the USA or not.
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  #7  
October 29th, 2007, 12:05 PM
Jami&Marshall's Avatar Jami&Marshall
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I think the USA government has a similar program to that, but the name of it totally escapes me.
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