"Brent D. Gardner, ChFC" <bgardner20[at]cox.net> wrote in message news:<6vMzb.9255$LV1.7651[at]okepread05> ...
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My thinking exactly on that part of the issue too. There are many
more older parents these days. Seems that the process for choosing
the best savings plan for eductional expenses SHOULD begin first with
the question "what is your age?". Do finanacial planners consider
that? It seemed rather obvious to me after I took a fresh look at
the alternatives of the Education IRA (Coverdale) and 529 Plans. As
long as I fully funded my 401k as the primary retirement account and
my children don't plan to attend the most expensive college around.
The contribution limits are lower for a Roth IRA than for a 529, but
invested for the long term it should provide an adequate resource.

Another question... If I paid educational expenses from my Roth IRA
after I am over 59.5 years of age, shouldn't I still be able to claim
educational tax credits such as the Hope and Lifetime Learning credits
if I met the income requirements at that time to qualify?

Thanks,
Bob Rogers

"BMS" <mcfared[at]comcast.net> wrote in message
news:U5Szb.305962$ao4.1049254[at]attbi_s51...
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What evidence do you have that colleges are price fixing? While I do not
know the specifics at any college, neither am I completely uninformed. There
is a wide spectrum of fees among public colleges and universities. Private
colleges such as Harvard and Stanford have much higher fees than small,
liberal arts colleges. This hardly seems like price fixing to me.

As far as aid, why should I, or my children for that matter, be expected to
subsidize someone else's college education? College prepares some
professions for the real world (like doctors, lawyers and accountants), but,
for the majority, companies must train even the college educated employee.
Somehow this just doesn't seem like fair value for the tax dollar.

Elizabeth Richardson

College tuitions have become like auto sticker prices, nobody pays full
price but works out to get the best combinations of aid, loans and grants.

The real test will come when feds get the nerve up to go after the colleges
for price fixing and other cartel practices that would never be tolerated in
the private sector.


"Elizabeth Richardson" <erichktn[at]worldnet.att.net> wrote in message
news:eoIzb.149472$Ec1.5944193[at]bgtnsc05-news.ops.worldnet.att.net...
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"BMS" <mcfared[at]comcast.net> wrote in message
news:bcFzb.298900$9E1.1522561[at]attbi_s52...
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Right on. Seven times more, to be more specific.

Brent D. Gardner, ChFC
Chartered Financial Consultant
http://members.cox.net/brentdgardner1378/

"Be ever questioning. Ignorance is not bliss. It is oblivion. You don't go
to heaven if you die dumb. Become better informed. Learn from other's
mistakes. You could not live long enough to make them all yourself." - Hyman
George Rickover (1900-86), Admiral, US Navy, advocated development of
nuclear subs & ships

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My kids are well past college age, so this is just general curiosity. Why
are so many people interested in qualifying for college aid? It seems people
want to pay their own way, save for themselves, but look to some sort of
welfare system in order to position themselves to earn a high income. Are
scholarships no longer academically earned, but rather handed out to lesser
qualified and more indigent students?

Elizabeth Richardson

I'd max out the 401k first, then any of your IRA opportunities and then look
at the Coverdell or 529 plans.

In the current world of financial aid, assets that belong or in the kid's
names counts more against your ability to get aid.

"rsrogers" <rs_rogers[at]yahoo.com> wrote in message
news:497a592d.0312032136.4ceb484d[at]posting.google.com...
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I am a 41 year old father of 3 small children (age 3 yrs, 1.5 yrs, and
1 mo.). I have a Coverdal ESA for my oldest and was about to set up
ESA's for my other two children, but the thought occurred to me that
by the time my kids are graduated from college I will be over 59 1/2
years of age. Considering all the restrictions on various ESA's (max
contribution, how withdrawls can be used, and WHEN they have to used
by, and their possible taxes and penalties), isn't it a better idea
for me to use my Roth IRA as a saving vehicle for them? I have a
401k account that I am now funding instead of my Roth IRA, so I
thought just fully fund the IRA now for educational expenses (or
whatever else I wanted). It would seem that this way would be much
more flexible instead of the other plans. I could give as little or
as much as I want to the kids. Couldn't I even get a student or a
parent loan, or a home equity loan to pay for the educational expenses
before I turn 59.5 and deduct any interest on these loans from my
taxes at that time?

Anybody have any ideas? Thanks!!