Re: [PLUG] OT: Personal Announcement

["William H. Magill" <magill@mcgillsociety.org>]

On 03 Dec, 2004, at 09:58, Tobias DiPasquale wrote:
> On Dec 3, 2004, at 9:53 AM, Paul wrote:
> > > Get the 529 plan NOW..  =)
> >
> > What is that?
>
> Its a state sponsored savings plan specifically for your children's 
> higher education(s) (e.g. college). I'm not exactly sure what the 
> specifics are, but www.state.pa.us will have more about it.

529 plans are not what they are cracked up to be.

They may be worse than nothing because they give you enough money to 
disqualify you for all kinds of Financial Aid packages, but not enough 
to actually pay the bills. (And many of them cover tuition only!)

You can't save enough during the 13 or so years that you are eligible 
for one.
This is VERY true if you are looking at any kind of top tier school -- 
Ivy League, Stanford, MIT, etc.

This is one area where you really need to talk to a Financial Planner. 
The rules change frequently, and not all State Plans are equal -- 
Pennsylvania's is, or at least was last year, considered one of the 
worst and most restrictive.

A better resource is:
http://www.independent529plan.org/

or
http://www.savingforcollege.com/

[google for 529 plans]

T.T.F.N.
William H. Magill
magill@mcgillsociety.org
magill@acm.org
magill@mac.com
whmagill@gmail.com

___________________________________________________________________________
Philadelphia Linux Users Group         --        http://www.phillylinux.org
Announcements - http://lists.phillylinux.org/mailman/listinfo/plug-announce
General Discussion  --   http://lists.phillylinux.org/mailman/listinfo/plug