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I was wondering if there are any accounts (529?) that would allow someone to save for their "unborn" child!
Obviously, one could put the money in a MMA or any other type of savings account...but i'm asking specifically for education accounts that might give you an incentive.
ps. is there such an account that would allow you to pay todays rate for college in the future?
I was wondering if there are any accounts (529?) that would allow someone to save for their "unborn" child!
Obviously, one could put the money in a MMA or any other type of savings account...but i'm asking specifically for education accounts that might give you an incentive.
ps. is there such an account that would allow you to pay todays rate for college in the future?
I second this suggestion. I spent my junior year abroad as an exchange student in France and it was an incredible experience. One of the most interesting things I learned is how relatively inefficient and expensive the US educational system is.
In France (and in most other European countries), students do not waste time taking a bunch of required classes in subjects unrelated to their majors. It is assumed that students learned these subjects in high school and there is no need to repeat them. It's also assumed that students have enough direction to pick an educational path at a young age -- there are no "undeclared" or "undecided" majors. Nor is there any hand-holding. Students are given a syllabus at the beginning of the year and are expected to do the work on their own. There's usually just a final exam. The upside: most degree programs are only three years.
There are no fancy gyms or football stadiums at French universities. Students use facilities for the general public in the cities where they live. But the tuition is a fraction of what Americans pay.
If I were looking at going to college now, I would seriously consider going abroad for the entire degree. It's such a better value than even in-state universities in the US.
I second this suggestion. I spent my junior year abroad as an exchange student in France and it was an incredible experience. One of the most interesting things I learned is how relatively inefficient and expensive the US educational system is.
In France (and in most other European countries), students do not waste time taking a bunch of required classes in subjects unrelated to their majors. It is assumed that students learned these subjects in high school and there is no need to repeat them. It's also assumed that students have enough direction to pick an educational path at a young age -- there are no "undeclared" or "undecided" majors. Nor is there any hand-holding. Students are given a syllabus at the beginning of the year and are expected to do the work on their own. There's usually just a final exam. The upside: most degree programs are only three years.
There are no fancy gyms or football stadiums at French universities. Students use facilities for the general public in the cities where they live. But the tuition is a fraction of what Americans pay.
If I were looking at going to college now, I would seriously consider going abroad for the entire degree. It's such a better value than even in-state universities in the US.
I see your point up to the last part. Firstly, the whole educational system abroad is different. At some point they allow you to separate between a vocational path and going to college (I personally would like to see this in the US, though doubt it will happen). So really your last year of high school is spent in college prep and probably isn't that different from a "general ed" type curriculum.
I do disagree on it being a better value though. We have an unfavorable exchange rate to Europe, not to mention tuition for non-EU residents when coupled with the exchange rate certainly comes out to more than you'd pay for a state school. Add this to it being expensive to live in to begin with, not to mention with that unfavorable exchange rate, as well as the fact that European schools don't really give out scholarships to the extent that American universities do. Finally, you're not going get good name recognition in the States. Even if your university is well respected in the country or Europe as a whole, many employers probably have never heard of it outside of Oxford/Cambridge.
I see your point up to the last part. Firstly, the whole educational system abroad is different. At some point they allow you to separate between a vocational path and going to college (I personally would like to see this in the US, though doubt it will happen). So really your last year of high school is spent in college prep and probably isn't that different from a "general ed" type curriculum.
I do disagree on it being a better value though. We have an unfavorable exchange rate to Europe, not to mention tuition for non-EU residents when coupled with the exchange rate certainly comes out to more than you'd pay for a state school. Add this to it being expensive to live in to begin with, not to mention with that unfavorable exchange rate, as well as the fact that European schools don't really give out scholarships to the extent that American universities do. Finally, you're not going get good name recognition in the States. Even if your university is well respected in the country or Europe as a whole, many employers probably have never heard of it outside of Oxford/Cambridge.
I would encourage anyone intersted in studying abroad to check into the cost. The university I attended charged only a few hundred a semester compared to thousands here. Even with a bad exchange rate, the cost would be significantly lower. European schools don't have to play to scholarship game because they don't artifically jack up tuition in the first place and do not hike tuition every year far beyond the rate of inflation.
As for employment, international experience and fluency in foreign language is something that can set you apart from the crowd.
The main concern, though, is that the student is emotionally prepared to go far from home and go study independently.
You most certainly can open a 529 plan for an "unborn" child, except you will just have to keep it in your name. Once you have a child you can change the beneficiary of the account to that child. 529 plans don't have to be used for children, adults can use them as well, you just have to use them for qualified educational expenses.
Now, I am not a fan of 529 plans because of that limitation. I think there are better options (safer options at that) unless you live in a state that has matching funds for the 529 that you can take advantage of.
You most certainly can open a 529 plan for an "unborn" child, except you will just have to keep it in your name. Once you have a child you can change the beneficiary of the account to that child. 529 plans don't have to be used for children, adults can use them as well, you just have to use them for qualified educational expenses.
Now, I am not a fan of 529 plans because of that limitation. I think there are better options (safer options at that) unless you live in a state that has matching funds for the 529 that you can take advantage of.
is Virginia one of those states?
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