September is College Savings Month
Hi Chaos Crew!
I know I’ve been talking a lot about college lately, but it’s because my son is right in the thick of college applications and it’s top of mind for me. But I know I’m not alone. In a recent survey by Hart Research Associates, 84 % of parents consider it “very important” that their children attend college. And while it’s great that so many parents have that aspiration for their children, I can tell you this: college is a a freakin’ fortune.
Holy cow! I remember when Brookes was born 17 years ago and those news stories started to appear with predictions of what college would cost in the year 2013. The numbers seems so fantastical that, frankly, it was hard to get a handle on them. How could four years of college possible cots $250,000? At that time in our lives, that number seemed so out of reach, it was tempting to bury our heads in the sand and put up the white flag. But we didn’t and we put aside money in various ways, including a 529 College Savings Plan. Is it enough to cover the whole cost of the next 4 years? No, but it’s enough to make a difference and I’m grateful for every dollar.
Last week, I went to a presentation on ScholarShare, California’s 529 plan. I went out of pure interest in this topic and wanted to find out what I could for the Chaos Crew. While we spent a lot of time learning about the financial particulars of the ScholarShare plan, I also got thinking about the emotional particulars.
There are a lot of great financial reason to save for college with ScholarSchare or any 529 plans. But above all, there’s the emotional benefit of knowing that, as a parent, you’ve done you all you can to give your children a great education. Think if it this way: you may not get all the way there, but having a 529 account may make the difference in:
- Your student graduating debt-free as opposed to debt-laden
- Your student being about to live on-campus vs. at home
- Your student being able to go to their first choice college vs. one down the list
- Your student being able to go to college full-time vs. going to college part time and working
- Your student being able to study abroad vs. staying on campus for four years
I think breaking up your goals into smaller chunks may get you started on the road to savings. You, too, Grandparents, Godmothers, Aunties and Uncles!
Embracing my Chaos, Lian
For more information on ScholarShare or to enter the Facebook contest, see below:
ScholarShare Facebook Contest: Entries accepted until 9/26
In celebration of College Savings Month, ScholarShare is running a FB contest – 2 winners will receive $1,529 to open a new ScholarShare account or contribute to an existing one. Just LIKE their page and then share your college savings story – could be about yourself, saving for your child’s education, savings tips you might have, etc. Just go to ScholarShare’s FB page and click on the Share Your Story Tab to enter. Entries must be submitted by 9/26
For more information:
Chaos Chronicle 604: Saving for College, Space Shuttle Sighting, Financial Advice: Chaos Chronicles 604
This week on the Show: The Panini Generation Rollercoaster, The Space Shuttle comes to Pasadena, Random Acts of Poetry Happy Birthday, Lisa from Connecticut!
The College Bound Chronicles: My new advice driven podcast series for parents going through the college admissions process. With Dr. Nancy Berk, college psychologist and author of College Bound and Gagged. Nancy has expert advice and I bring parent anxiety! This week’s shows:
Application Do’s and Dont’s
How to Survive the Other Parents.