When NYS came out offered the saving plan for college ( 529 plan) my wife and I signed up deducting $25 from each of our pay. We were payed every other week. For those who are math challenged that's $1,300 a year. My wife saved for 5 years and I for 7. ( My wife retired early).
When my daughter went to a city university it paid for the first year. She was excepted to a state university and the 529 paid for the first one and half semester including room and board with books.
The 529 certainly helped this lower middle income ( middle class ) family. My family income when my daughter started college was $80,000 a year.
With my daughter an RA and working while at school her debt was negligible when she graduated.
A 529 program forced my family to save for college was like my IRA, I couldn't use it for anything else but it's intended purpose.
If my daughter had stayed at the city university the whole four years including books would have been payed for.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment