Thinking ahead about paying for my children's college tuition
Thinking ahead for my kids' future, do colleges allow monthly tuition payments like a mortgage note?
Yes, you can. It's called your savings account. Even better, you contol how much goes in! You can take from it whenever you want.
(And no, why would a college ever do that? Your child might want a different college. They might not have what your child wants to major in. The college could get bought out and throw out the program. Anything is possible!)
You should look into a 529 plan or some other prepaid tuition plan. My state offers one and you can pay monthly. You can also save for college with a Roth IRA
Do you feel guilty for not paying for your child's education? Don't. Paying for college is hard in this economy. Kids learn responsibility for their actions and have ownership in their education when they have to pay for their own college tuition. read more
As far as I'm aware, most colleges require payment on the semester schedule, though of course this may differ from college to college.
If your children are young consider starting college savings accounts for them now. When they are teens and start getting a job, require them to put some of their money into that "future" account, for use toward college tuition or for post-secondary expenses should they not decide to go to college.
Also check out Upromise.com
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