Parents: how are you saving for your child's college education?

According to a financial aid calculator I used online (http://www.finaid.org/calculators/costpr鈥?/a> it's going to cost each of my children about $150,000 to attend a public university for four years. (The calculator accounts for rising tuition costs stemming from the fact that state governments don't pay for higher education as much as they used to.)





I'm not a millionaire, so I'm going to fall way, way short of $150,000 for each child. But to the extent that I can, I want to spare my kids from having a crippling amount of debt after their college graduation.





What method of saving for college are you all using? What are the advantages of the method you're using?|||Suze Orman says DON'T save for your child's college! She says to put that money towards your retirement. She said that kids can find their own way to go to college and it makes them more appreciative of it.





I would recommend that you encourage your children to choose cheaper schools (for instance, you can go for a year here in Kentucky at the University of Louisville for about $5000 per year - that's tuition only). I know the state schools up north and out west are MUCH more expensive.





Encourage your children to go to a local college and live at home the first two years. Many people are doing this. They complete their general educaiton credits at the local community college, then transfer to the school they want to graduate from. It saves money and the kids can live at home if they need to.





You can also make your kids take year off between high school and college. Make them work and pay rent (or even get their own apartment). That way, college will mean more to them because they will have tasted a little of what the "real" world is like.





Teach your kids to only get loans for what they NEED in school. If you want them to learn about crippling debt after college - have them contact me!!! I owe $60,000!!! And all I have is a BA.





Also, consider having the kids start college courses while still in high school. Usually, these aren't as expensive as taking them after you graduate. The high school counselor can probably help you find these programs. Have the kids take courses online in the summer too.





Another more drastic measure is to find one of the few states that pays for its high school graduates to attend state college and move to that state.





You could also get a job at a college and your kids would be given a discounted tuition rate. Or you could encourage the kids to get part time jobs at companies that will pay for their schooling, like UPS.





In my state (Kentucky) there's a plan where you can start purchasing your child's tuition now at the current tuition rates. You pay a monthly payment to the state and they put it in an account for your child. That way, your child's education is already paid for (at a state school) when your child gets old enough to go. Check to see if your state has this program. If not, contact your state legislator and find out why your state doesn't have a program and if they could start one, or how your legislator thinks you shoudl pay for your children's education. Talk about trying to keep them in the state, blah, blah, blah... The states are all concerned about keeping citizens - especially educated ones. :) It's true!





I hope your kids realize how lucky they are to have someone in this world who wants to help them out. I know I'm out here all alone and it isn't any fun.





Good luck! :)|||okay this is what i'm starting this year but there may be something you like different so go to you bank talk to an accountent they will discuss different types of saving accounts for you and your child and what % rates you would like and how they work they ony cost 10 dollars to open and you get back how much every year for you kid take 500 dollars of that and put it in there a year and they 50 a month from your pay checks into the account you child will be banking more then his college funds maybe to help start his life off after college like a house or car stuff like that|||My children have state college savings plans, which offer a tax deduction. If you move, you can still use the money for any college just stop contributing toward the old state fund and start a new one in the new state. I put in money whenever I can and don't stress out if I skip a few months. Any money received by family goes there, too. The money is already growing beyond my expectation so you don't have to save the full amount yourself - the mutual funds grow.|||My husband and I have opened a upromise account for our son and will for our daughter. The other thing that we're doing is recycling our aluminum cans and investing the money in cd's that way the money we're using isn't coming out of our regular budget but we're still a little ahead of the game for college.|||I work at a college so I am hoping that we have reached a critical mass and cost will not continue to rise as they have been. However, who knows.





Because I work at a college, they will pay the tuition for my college-aged children at several schools. They have worked out an articulation agreement. But thing can change, so we have also opened a 525 plan for each of our kids. We regularly contribute and also put all birthday and Christmas money, etc. into it. There are no guarantees. My kids are two and eight months.|||My husband and I opened a savings account for our son. Every month we would put a certain amount of money into his account. It won't be $150,000 before he goes to college. However, you do have 18 years to come up with the money. The college won't be asking you to pay all up front.|||As a college kid I know where your at. Alot of my friends parents did it through their local state, they started paying for college when their kids were born or 10 years ahead, you get the rate of the year you begin to pay at. Then make monthly payments so that your child's college is paid for by the time they are that age. They get to go to any state school at 2007 prices instead of 2024 prices, and if they want to go out of state many of the states have interstate agreements that it will transfer. And if it doesn't the state gives you all your money back.





My parents set up high interest accounts for us where some of hte money from their paycheck was directly deposited into it, so that they never missed it. They also did bonds and CDs.