Home » Life In General » Dolla dolla bills y’all!

Dolla dolla bills y’all!

Gotta question.  Yeah, it’s a little on the personal side so my apologies in advance.  I’m going to ask it anyway.

How – if at all – do you plan on paying for your kid(s) college education?

The state of MS offers a program where you can lock in today’s tuition price for your kiddo, pay that off over the years, and when they graduate high school and are ready for college, their tuition (at an in-state public university) is paid for. 

I’ve really been thinking about doing this for Lovegirl.  The program is fully guaranteed (for whatever that’s worth) by the state.  The money is not invested in the stock market and from what I’ve read so far, if that child decides not to go to college, you are refunded your money or you can transfer it to a younger sibling (so not happening). 

My thinking is this….with the way tuition is rising it is highly unlikely that Smoochy and I will be able to just write a check for Lovegirl’s tuition when that time comes.  I want to give her the option of a paid-for undergraduate education.  Much like my parents did for my brothers and I.  They were like…you don’t have to go to UAPB, but that’s where we are writing a tuition check.  If you get a full ride scholarship and want to go elsewhere, more power to you.  With this program I think we’d be able to offer Lovegirl the same sort of deal – you can go to any public university in the state and we’ve got you.  Otherwise…. 

What do you think?  Do you have something similar for your child(ren)?  Would you do this if offered in your state?  Do you think it is too restrictive and makes a decision for your child that they should be allowed to make themselves?

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26 thoughts on “Dolla dolla bills y’all!

  1. My plantation offers a four year full scholarship for children of associates. Now that I am a mother it makes me want to stay for 18 more years!

    I don’t know what GA offers, but I don’t want Foxy to go to school here. I want to get out and go somewhere different. Or go to my alma mater which thankfully is a very good school. 🙂

    • See…I’ve always been a proponent of going to school outside of the state in which you were raised…I just don’t know how we would pay for it! Of course, I’m praying that my little genius will win big scholarships and her choices will be unlimited. But I also need a back up plan for my back up plan to back up my back up plan!

  2. My son will be 20 in November so those programs were no around when he was born or they were really new. We lived in Philly until he was 5, in Virginia until he was 10 and then in Maryland so I never had a chance to really lock us into the State programs. Sometimes I wish I had. But what I did do was take out a Whole Life policy, on myself and his father,with NY LIfe when he was born. I can borrow against that because it really is paid in full after 17 years. I also started buying bonds as soon as I went back to work, so we had 18 years worth of bonds by the time he graduated highschool. My Mom has CD’s for him that she has been contributing to since he was born. And all of that still will not be enough to pay for his full 4-5 year tuition at a State university. I’m sure we will still have to dig into current savings. The State programs sound good to me but I honestly don’t know anyone who has done that.

    If my son dedicated himself and performed very well in school, I would foot the bill for wherever he wanted to go to school. That would be his reward for academic excellence. However…………..

  3. Since the money is refundable when the time comes to choose a university if Lovegirl decides to go out of state could the money be used for 1-2 years of tuition (depending on the University) which could give Lovegirl/You and Smoochy time to work on grants, scholarships, savings for the remainder of the years?

    I hope this came out right :/

  4. I’m a Senior in college and I wish my parents had invested in a 529 state plan, but I understand that things happen, etc. that don’t always allow for that.

    I think its a great idea and it grants relief to both parent and child as the decision gets closer, but I don’t like the idea of LoveGirl going to school in Mississippi. Not that I get to have a say, but you’ve already expressed (in a previous post) that you didn’t necessarily want her to live where you all do now for her entire life.

    I don’t know much about Mississippi, but she seems like the kind of child who would want a new experience and I don’t think she should be limited to the state.

    Are there state plans that allow you to participate in a payment plan as such, but if she chooses to go to an out of state or private school the money is available to supplement that cost as well?

  5. You know that there’s MPACT and MACS. I think with MACS, your child can go to any school and its not limited to Mississippi.

    When Aidan was born, we signed him up for some college savings plan that the Navy offered and we were able to choose three states that it would work in. Plus, thanks to Obama, it is now an option for Tim to use his GI Bill money on his children’s education. Thank ya!!

    I’m all about options. If you don’t sign her up for the program, you’ll certainly forego one option. She can still make whatever choice she’d like, but without options, those choices will be even more limited.

    • Yeah, I’m looking at both of them. We are putting money away for her, but I think it is time to do somthing a little more structured.

      MPACT’s appeal is that it locks in today’s tuition. MACS is “just” a savings plan and she can go anywhere, but the money is also invested in the market and is not guaranteed.

      Thanks for providing the link for Sheena!

      You think it’s too late for me to send Smoochy to the Navy???

  6. Wow. That sounds like a great program. I don’t have children, but I like the idea. I started off at a City University of New York, where tuition was about $1,700. I then transfered to a private university out of state where the cost of my meal plan alone was $1,700. If the money can be refunded, it’s a good option. I think it’s wise to do the 529 savings programs and stuff like upromise. College is expensive.

  7. Yes ma’am, I love the idea. I bookmarked the site for Maryland and we plan to discuss this weekend. I also like the fact that my parents can contribute to the fund because they’ve each asked to do so.

  8. I will save for my future kids college tuition. My mom didnt save up for mine- possibly because she is a single parent and because these programs may not have been around (im 22)- , but she promised she would pay back my loans for me. I dont think I want her to though. I think at some point I have to stand on my own – the loans are in my name , I should be the one to pay it.

  9. We do the plan that you can get the refund….I think it’s the 529, but not sure…..but after Emeryl was born, we decided to split the difference and let our daughters make the decsion. Our hope is that they can go to a jr. college and get their basics and that will be paid for. They can live at home, work and save their money for the remaining two years….which they will have to be responsible for.

  10. That’s dope. I am unaware of any programs like that here. I started a college savings program for T, not for Bird…yet. I had to stop contributing when I stopped working. Given the opportunity this would be a no brainer. It sounds like a win…worse case scenario..WIN situation. Gotta love the refund.

  11. I’m also a big advocate for school outside your home state. I would’ve felt pressured to go to school in-state. BUT it may be an incentive to work harder to get into a good out of state school on a scholarship. And it really would’ve been nice if my parents saved ANYTHING for us to go to school. That was an incredibly rude shock. They wanted us to go to college but there was nothing to help?? The refund’s available, might as well do it.

  12. My husband works at a college so our boys can go there for free… but I’m sure they’ll say they want to go somewhere else. I actually don’t know if Cali has a program like what you all have. I should find out because that sounds amazing!

  13. That’s an awesome program! Particularly cos you can get the money back. My parents made it clear from an early age that a scholarship was NECESSARY for college. And that college was MANDATORY. To their credit, they had more money than they let on, because they paid for books and food and stuff, lol.

    I totally believe that a child should go “away” for college, but in-state is better than no college, and it doesn’t sound like this program makes that choice for you.

  14. I was talking to my mom tonight about this. Pay for private school now or pay for grad school later?

    My kids will go to undergrad at a state school free because of my husband’s military service.

    I am encouraging Cal or UCLA. Although they can go out of state free, I was told grad school admissions like those schools. They’ll still be young and find excitement in moving after undergrad.

    Hopefully in the 4 years of undergrad we will be able to build the grad school funds and they can go where ever they want with our financial support.

  15. I don’t have any kids. That’s my disclaimer right there. My mom and stepfather couldn’t afford to write checks for my college, so I’m currently paying back student loans. It’s like writing a check for two car notes every month and it hurts.

    If I’m rolling in it, I’ll just pay for my kids’ tuition. If not, I’m going to politely suggest that they work their way though college. Not because I don’t care about them, but because if I’d had a better understanding of money BEFORE college, I definitely could have worked my way through school at a public institution with no loans and finished in five years.

    All of that to say, I think there are a lot of different routes. Pray about it and God will reveal what’s best.

  16. We question this every now & then, but we’re paying for private school now at almost 13G per year, figure we’ll just keep trusting in GOD and
    saving our pennies for the future. We do have a state program we need to investigate too.

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