What are some options for saving for my childs college education?

My child is 11. I am a single parent. Should I buy into my states college credit savings plan? What if my child ends up with a sports scholarship, would I lose those college credits? Should I buy bonds instead?|||There are many ways that people save and fun their child's education. Two popular ones are state sponsored college plans, and 529 Plans.





You would have to read through the specifics on your state sponsored plan as it will have provisions for scholarships and also if the student decided to attend school out of state.





A 529 plan gives you more flexibility. 529 refers to the lines in tax code that say - for money invested in the plan, any growth is available to you tax free when the funds are used for education. There is no provision as to what state the funds are used in, and there is a provision included that deals specifically with scholarships and how to withdraw equal parts from the plan to offset those. Many financial services companies carry these plans - an example is American Funds, also Oppenheimer. The plan has professionally managed portfolios and options that can automatically move to safety as the student gets closer to college. See your financial advisor who can specifically explain the plan to you.





Savings bonds right now earn a fixed rate of 3.00%. Although rock solid safe - that is very low return.|||Look into your state's '529' plans, or look online at discount brokerages like Fidelity, where you can put away as little as $25 a month.





But honestly, unless you're funding your retirement accounts for YOU to their MAX, your child should plan to pay for college herself- sounds harsh, but a tough reality these days.|||Actually a Roth IRA for you works very well. Any money that you contribute to the Roth is after-tax money so you can withdraw it when you need it, regardless of your age, tax free. If you need to take out more than your contributions, you can do a 72T election and still take money out, penalty free, regardless of your age, although you must do the 72T distributions for, I think, 5 years before you can stop doing them. If your child gets a scholarship, then the money will still be growing merrily along for your retirement.|||Ways to make money online.





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