At the least, open a Coverdell ESA or start researching 529 options. You can get a lot of comparison info on 529s online. Coverdells are very limited as far as contributions, but are very easy to start if you are not going to be able to contribute very much per year at first. It is really good that you are already saving and looking 18 years down the road!
Fitness Minutes: (7,268) Posts: 2,011 2/1/12 9:10 P
Can anyone help me figure out what the best plan would be to save for my daughters future? We used to think having a savings would be great but I keep hearing they get penalized for any monies they have saved over time and wouldn't receive any financial aid. She's only 4 months so that would be A LOT. Gathered by the information we're seeing, I'm guessing her tuition will be more than it is today.
Any thoughts on where to put money aside for her? We live in New York State.
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