529 College Accounts

So with the arrival of mini_dumb_kid, my wife and I are starting to look into 529 plans for his college years. There are myriads of plans out there and I wanted to ping the hive mind and hear about your own experiences. Anything to look out for besides the standard pitfalls of investing (managing fees, past performance does not ensure future performance, etc)?

Your state probably has some sort of 529 variant, and the management fees will be low to nonexistent. I used the Washington State GET program (I think you have to be a resident, but if you really want to send your kid to UW or WSU you could check it out). I've heard Utah's plan is excellent and doesn't require residency.

I looked up some articles and found this one to be useful. We went with the Maryland plan.

You really only need 1. 2 at the most. 529 is just excessive.

Don't forget to compare it to a pre-paid college fund, especially if your state's schools are good and you plan to continue living in that state until mini_dumb_kid becomes big enough to beat on his old man for calling him mini_dumb_kid

LobsterMobster wrote:

You really only need 1. 2 at the most. 529 is just excessive.

But a b*tch ain't one..

Thanks for the feedback.

Hemidal wrote:

I looked up some articles and found this one to be useful. We went with the Maryland plan.

Looks like kiplinger agrees with what I was already leaning towards: CollegeInvest Direct Portfolio College Savings Plan

Ego Man wrote:

Don't forget to compare it to a pre-paid college fund, especially if your state's schools are good and you plan to continue living in that state until mini_dumb_kid becomes big enough to beat on his old man for calling him mini_dumb_kid

The CU system is ok, but I don't think I want to force him to go there. He may have different dreams and aspirations that take him to another school. I had to go out of state from WI, to the U of Minnesota to get my aerospace degree.

dumb_kid wrote:

The CU system is ok, but I don't think I want to force him to go there. He may have different dreams and aspirations that take him to another school. I had to go out of state from WI, to the U of Minnesota to get my aerospace degree.

To be fair, those states are nearly the same.

I tease -- I'm a UW-minted Ph.D. But, they do have reciprocity of in-state tuition, and a lot of folks seem to rebel by going one state over for school.

firesloth wrote:
dumb_kid wrote:

The CU system is ok, but I don't think I want to force him to go there. He may have different dreams and aspirations that take him to another school. I had to go out of state from WI, to the U of Minnesota to get my aerospace degree.

To be fair, those states are nearly the same.

I tease -- I'm a UW-minted Ph.D. But, they do have reciprocity of in-state tuition, and a lot of folks seem to rebel by going one state over for school.

Hey dar now aye!

Yeah reciprocity was awesome. It's the only way I could afford going out of state.

firesloth wrote:
dumb_kid wrote:

The CU system is ok, but I don't think I want to force him to go there. He may have different dreams and aspirations that take him to another school. I had to go out of state from WI, to the U of Minnesota to get my aerospace degree.

To be fair, those states are nearly the same.

I tease -- I'm a UW-minted Ph.D. But, they do have reciprocity of in-state tuition, and a lot of folks seem to rebel by going one state over for school.

Not anymore. We got rid of it a year or two ago when the tuition rates got way out of sync.

EDIT: Actually, they fixed that I guess. Wisconsin ponies up to cover the difference.