What do you think about paying for college now and locking in the rates?

Question

I was just wondering if anyone has done this or is doing it now. I have 3 kids and 1 on the way and it is very important to me that I pay for all of them to go to college. Any information would be helpful. Thanks.

Answer 1

I am very uneasy with pre-paid college tuition plans. I don't like the loss of flexibility that comes with them. What if your child doesn't want to go to college and would prefer some other vocational training? What if your child wants to attend a different school....what if they have good reasons for doing so? What if you move and no longer meet the residency requirements of the college plan you select? Can you get your money back? Penalties?

On the other hand, having a paid-for plan has some appeal as well. On balance we've [my husband and I] opted not to reduce our flexibility in this regard and are saving in other ways.