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Personal Finance Blog By MoneyRates - 529 Plans, College and Children Saving Plans

Should Parents Worry About Prepaid College Savings Plans?

March 12, 2009

There is a group of parents in America right now who made an outstanding investment decision for their children's college savings. Due to good planning (or good fortune) they purchased prepaid college savings plans. These plans allow parents to pay for future college tuition at today's prices. The plans administered by either states or the [...]

Will College Tuition Costs Continue to Rise?

November 10, 2008

The quick answer to the above answer is NO or at least almost certainly NO. Parents looking for a break on college tuition, now that the economy is an a recession and inflation is tame, are unlikely to see it based on the historical increase in the index of college inflation:College Inflation (CB) vs General [...]

Upromise Helps Parents Save for College

September 11, 2008

Upromise is a college savings program where parents can earn college savings through their everyday spending. With over 40,000 participating retailers, parents can earn 1% t0 25% back in their purchases at grocery stores, drug stores, major retailers, travel websites, and more. The cash rewards are deposited directly into 529 plans set up for their [...]

College Board Releases 2008 Tuition Index Costs

September 4, 2008

The total charges at an average private college as measured by the IC 500 Index was $37,208 for the 2008 - 2009 school year up from $35,272 the previous year. The 5.49% one-year increase in the index is used by College Savings Bank as the annual percentage yield for parents who own CollegeSure CDs for [...]

Savings for College: Investment Options, Student Loan Programs, and Savings Programs Designed to Pay for Children's College Education Costs

June 24, 2008

Money-Rates.com has updated their College Savings page with two new sites which offer parents new ways to pay for college for their children. The two sites Simpletuition.com and Greennote.com are described below with the rest of college saving alternatives.529 Plans - A 529 plan, named after Section 529 of the Internal Revenue Code, is a [...]

College Savings through the Upromise Program

January 23, 2008

The Upromise program allows registered users at upromise.com to earn cash back for college savings by shopping online at participating vendors. The list of participating companies numbers in the thousands and includes travel companies, real estate companies, restauraunts, grcoerys stores, and retail stores. Cash earned can be deposited directly into a registered 529 plan. The [...]

An Online Bank Delivering High Rates on Deposits

January 11, 2008

Umbrella Bank is the online division of New South Federal Savings Bank (FDIC# 32276) a 75-year old bank based out of Alabama (See FDIC Report here). Umbrella Bank through their website Umbrellabank.com has been offering deposit rates ranking in the top 1% of all FDIC banks for over 5 years. Customers of UmbrellaBank have reported [...]

Savings for College [UPDATED]

October 25, 2007

The College Board reported on Oct. 22 that tuition at public and private colleges for the 2007-08 academic year continued to outpace inflation. Parents face on an uphill battle in saving enough money to cover college tuition for their children.Four-year public colleges have taken the hardest hit, with the rate of growth in tuition and [...]

Online Piggy Banks for Your Kids

October 17, 2007

The folks at PiggyBankInc.com have set up a great online tool for parents looking for a little help in allocating allowances to their kids. The site allows parents to set a weekly allowance, interest rate, and enter deposits and withdrawals for each of their kids in separate account accessible online. No money actually changes hands [...]

Choosing the State to Establish a 529 Plan

August 7, 2007

Setting up a 529 college savings plan is not always as easy as assuming your state's plan is the best for your child because of the tax benefits of investing in-state. Your state's management fees, your tax bracket and tax situation, your state's fund performance, the investment options your state's plan offer, and back-end plan [...]