<p>OK you got some good advice should your funds be truly gone forever, but what goes down (often/eventually) comes back up. Provided your P's did not panic and left the stocks intact ...did not try to catch a falling knife and sell them all low, your funds may recover enough to keep you educated (at least somewhere)
Your P's are not the only ones who have lost their child's college fund. We have been told for decades that the stock market is a sure thing. But it is not, unless yuou are in it for the very long haul. When things stabalize your folks should seek out some sound financial advice and put your funds in something that is less volatile and more liquid but that may not have such great returns. Perhaps all is not lost. I hope not.
Best of luck</p>
<p>We followed the saving strategy in Jane Bryant Quinn's "Making the Most of Your Money". She recommends different types of investments depending on how far "out" you are from college, and that you begin moving your savings to bond funds or another safe investment beginning when your child is a freshman in high school, then continuing to move about a quarter of it each year through high school. (This big window allows for some flexibility for times like this.) Other topics covered include-- whose name should be on the accounts, how to save for college and retirement at the same time, and "Are You a Sucker To Save?". I highly recommend the book as a good overview for financial planning.</p>
<p>sbrownell--very good point. Our children are the same ages (Sr. and Fr.). D's account has lost very little. IF she goes to financial safety school we will try to leave her 529 fund untouched until the year we have both in college. We can't take them out now without a penalty anyway.</p>
<p>Where did your college fund orginally come from? Was it money that you made personally working through your High School years? Was it all given to you as gifts, etc. that you saved up for college? Or was it a fund that your parents provided themselves out of their own pockets for you?</p>
<p>Now I can begin to understand you feeling "betrayed" if it indeed was money that you had worked for yourself, but on the other hand, if it was money you had worked for/earned why didn't you have a better understanding on where it was (i.e. stock market vs. a mm/cd0?
If it was from money your parents had set up for you, what in the world gives you the impression that you have any right to feel "betrayed?" What makes you entitled to that money to feel that way? Be grateful you got what you did. </p>
<p>Now like the others said, GO LOOK INTO FINANCIAL AID.</p>
<p>I don't mean to come off harsh, but come on now, you are in college, so accept some responsibility and be a bit more pro-active.</p>
<p>"I was just going to suggest that the Guard is an excellent way to pay for college expenses. Especially for those at state schools, the costs are significantly reduced and the job market can look pretty rosy for some upon graduation."</p>
<p>Yes, until you end up dead.</p>
<p>Anyway-hopefully you learned something. If you're socking money away for something (downpayment on a house, college, whatever) and you know you'll need the money, you need to have the money in liquid savings a year or two before. Especially now with the increased $250k limit on FDIC insurance.</p>
<p>Futurenyu: you crack me up. There are just tons of dead guardsmen and guardswomen around my neighborhood! How about yours? </p>
<p>Every single member of my family, including both my parents and all my siblings except one (4F) has served our nation in the Guard, Reserves, or on Active Duty. All have benefitted in huge ways, financially, educationally, career-wise, socially. My nephew, who is on his 3rd tour in Iraq, will end his service in a few months with 20 years in. He has his master's courtesy of the US Army, has a stash of cash in the 6 figures from all his bonuses (he saved his money for a house, for which he'll pay cash), and has been on every continent. </p>
<p>You are sorely misinformed if you think serving one's country in the National Guard is a ticket to a cemetery (which will be free to those who serve).</p>
<p>loans and work. Maybe your EFC dropped as well. Not the smartest idea to invest your ENTIRE college fund in the stock market. Could take just work full time and go to cc. CC is around $5,000 a yr, and it is feasable to make that amount working during one year.
You'll be like most others and be in debt after graduation. The good news is the market is showing signs of recovery, and this is no where near black friday levels</p>
<p>Folks, before you all go crazy about giving helpful advice to the the OP, please be advised that OP is fake. However, that should not stop you from continuing. Just broaden the message. What is any parent and any child do when Wall Street suc$s life out of you.</p>
<p>fencersmother, I am happy for your family members who all served, benefited, and got out alive.</p>
<p>My uncles all served in wars from WWII to Korea, and they all got out alive. Cousins served in Vietnam and likewise lived to tell the tale. My family's good fortune never fails to amaze me when I think about it.</p>
<p>HOWEVER, that doesn't mean anything to the families who lost members in Iraq, Kuwait, Afghanistan, or other places. Or servicepeople who lost limbs, eyes, or worse. They all thought they were getting a good deal...up until they were injured or killed.</p>
<p>And we know the OP is "fake"...how do we know that?</p>
<p>If the OP is "fake", perhaps the title of this thread could be changed to "what do I do if my college fund is now depleted due to the stock market collapse?" There are some good ideas here that could continue under a new title (if the OP is really "fake").</p>
<p>It's still a useful thread...and a cautionary tale.</p>
<p>I don't understand. If all the money is gone, then wouldn't you qualify for substantial financial aid? You probably don't want to provide any more information on private financial matters, but, to me, your situation is a little unclear.</p>
<p>Do your parents own a home or business? Is their income high? If not, then I would think you could get a lot of help if you talk with financial aid. Even if your parents own a home, that asset does not sway financial aid. Ditto with retirement savings (and they can be tapped early w/a penalty), if they have pensions.</p>
<p>Do you have siblings?</p>
<p>Can you applly for merit aid? Ask you financial aid office about all types of aid.</p>
<p>As others have said, plenty of people attend their state public university part-time. I am in my 50's and go to our state university during the day, the weekend, at night, whenever the course I need occurs, very part-time. Our university also lets me withdraw for a semester, then pay $25 and go back in. Online courses are great, too.</p>
<p>The students in my classes have full-time jobs and are raising families, plus school.</p>
<p>But I still think that, if your family is as destitute as your post seems to say, you would qualify for aid to allow you to stay on campus in a more traditional way. You could also look into private schools with good financial aid reputations, for a better package than the public university can provide.</p>
<p>Of course, you are correct, Mommusic. Many military situations have an inherent danger. But for many people, the military can represent an extraordinary ticket out of poverty, into college, into a successful career.</p>
<p>The chances of being injured, or killed, at Flagship U are less, perhaps, than serving on active duty in Iraq or Afghanistan. Most people in the Guard to not serve overseas, but in their local communities and home states. And certainly, all real-life situations where people are involved can be filled with unforeseen treachery. Even the most bucolic colleges have their troubles: VA Tech comes to mind, as does the of two students who attended Robert Morris U last fall (they were simply visiting at a friend's apartment), or the Franciscan U student who was killed in a car on the way home from Cross Country practice. You can be ed or killed fishing - you don't have to serve your country for to come knocking.</p>
<p>If the OP or any other person is unwilling to serve, s/he simply passes on the money available through the Guard, ROTC, etc.</p>
<p>. . . are less, PERHAPS? C'mon.</p>
<p>My parents laughed when I asked how much they had set aside for college. They aren't callous it is simply a fact that they can barely make it as it is. I was always under the impression that if you wanted to go to college you could, you will be working your butt off and you will end up in debt, but it is in my opinion worth it... Maybe I'm idealistic but I geuss you have to decide how much college is worth to you.</p>
<p>boognish: >>> My parents laughed when I asked how much they had set aside for college. They aren't callous it is simply a fact that they can barely make it as it is. I was always under the impression that if you wanted to go to college you could, you will be working your butt off and you will end up in debt, but it is in my opinion worth it... Maybe I'm idealistic but I geuss you have to decide how much college is worth to you. <<<</p>
<p>If your parents do not make a lot of money, you may qualify for some "real" aid - such as grants and work-study (not just loans that have to be paid back). If you are a senior in h.s., then after Jan 1, 2009, have your parents fill out the FAFSA (get it online).</p>
<p>Also, depending on which state you reside in, your state schools may provide merit money for you if your stats are strong. Private schools may also do so. You don't necessarily have to end up with a lot of debt, and frankly, I hope you'll have some options so you won't have to.</p>
<p>JL50ish: I apreciate the advice, I'll certainly try to get as much out of it as I can!</p>
<p>I think it’s unfortunate and somewhat sad to see the amount of interest and compassion combined with a willingness to share obviously sincere advice on this thread considering the likelihood this individual is working a sympathy scam. First of all unless his/her parents were playing some rather esoteric games in the market, abusing margins, futures etc. it would be impossible to “wipe out” a college fund or any fund for that matter that is even remotely diversified. I have an old IRA and a company 401k that have both taken a significant hit, each have lost more than 1/3 their value in a matter of weeks…but that still leaves 2/3s of the value in the funds. The Dow hasn’t gone from 12,000 to zero. If they had 100k set aside, is it possible the funds have been cut in half? Maybe, but more likely there is much more to this story than myformerlife is sharing.</p>
<p>rjr.... I do think that the OP was just someone who just made up his "story" to see how others would respond. </p>
<p>However, much of the advice here is applicable to others' situations.</p>
<p>Well.....if you are OOS, then I can understand. But if in state? Really? If you are instate, then get student loans, its well worth it. STAY IN SCHOOL. Declare yourself independent of your parents if that is the case, and your aid will dramatically increase.</p>