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UPromise and 529 plans

March 17th, 2007 at 09:41 am

Have a UPromise account that has been accumulating free money. I didn't want to open a 529 plan a while back because you had to contribute every month. I don't really want to put anything in the kids names, as I think this will hurt their chances for aid when the time comes.
But, I noticed last night that the Iowa 529 doesn't make you contribute monthly. So, I am thinking of opening one with the money that is in the Upromise account and putting the account in my name.
At the present, my plans are to use money in my Roth to help the kids with college expenses. Although, I don't think we will fully fund their college, as I find that people that do that, their kids take it for granted and don't give college their all.
Any thoughts?

2 Responses to “UPromise and 529 plans”

  1. Ima saver Says:

    I have read (and agree) that you should always save money first for your retirement and second for your kids education.

  2. Amber Says:

    I agree I do not think that it is the parent's responsibility to send their kids to college, it is nice but not a must. There are other means/ways to fund ones college if he/she really wants to go, I am a prime example

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