@eandesmom – agree that this might not be the time to lock up money. Perhaps encourage him to bank as much as possible now, and then he may have a better handle on his spending a year from now. He could then use this money saved from 2016 to deposit in 2017 Roth, as long as he earns money in 2017.
My older son opened his halfway through sophomore year when he was able to see how much money he actually spent at college. Opening the Roth was really just prompted by the fact that he earned more then he expected last summer. Unpaid internship came through with a nice bonus at end of summer. In hindsight, he should not have been working three jobs, but no harm done. Once he sees how much he earned while home this month and how much his tax refund is, he will decide how much free cash he has to deposit for 2016.
I think if you have a savings program of any kind, that is a great lesson and habit. We were fortunate that we are able to “gift” our child with the equivalent of her earned income and put it into a Roth. I think that in the long run S will be fine because he is chosing a career path that interests him and has good earning potential while D15 is choosing a path that, while intersting to her, has less of a high earning potential. So a Roth for her now may actually make a difference.
Does any one know more details about the ELKS National Foundation Most Valuable Student Scholarship? Is need very important in the consideration? DD received notification that she is moving onto State Finalist competition. But it requires FAFSA. The website also says, there is no income limits. Does it worth to fill out FAFSA just for this one, especially need is one of the considerations? Just want to see if anyone has any insights into this scholarship. Thanks!
Thank you to the CC Forum… I didn’t know the Meningitis B vaccine was 2 shots. Somehow we missed that at my DS17’s doctor visit in September. Just called doctor’s office and it’s not too late to go get that 2nd shot. Not sure who was discussing it, but I’m glad I read it and glad I followed up.
@whataboutcollege - The FAFSA’s not a particularly big deal to fill out (much of the info can be taken from your tax returns if you file electronically. And it’s free. It’s less work that the actual application.
I actually would recommend submitting FAFSAs to all of C17s schools, even if you are pretty sure you won’t qualify for FA. From what I understand, if there’s a change in circumstances, it’s easier to qualify later if there’s a FAFSA on file at the school. Also, some schools require it for merit aid.
My QOTD… What do you remember from your college search/acceptance time? I know I was accepted to my small instate engineering school (SDSM&T) with merit to the point that it would be dirt cheap–also this was back in the mid -80s… I was also accepted to Colorado School of Mines with moderate merit. And my dad wanted me to apply to Texas A&M, but I didn’t. I was VERY enamored with MSU and went to their ADS scholarship competition. I didn’t score any of the ADS $ but I was a NMSF, and scored a Nat’l Merit Scholarship with MSU. Tuition was still pricey for the time since I was out of state, but it was doable. This is part of the reason MSU is still on the table for DS17–even with his merit, it’s way above the SUNY’s price for him, but I want him to have that option if it’s what he wants…
QOTD: I only applied to instate schools, which were U of Cals and Cal States. I am old enough that you could only put one application in for the UCs and rank your choices 1st, 2nd and 3rd. The instate cost was very reasonable, and I could earn enough in the summer to pay for a good part of the cost of tuition. Housing was more than tuition. My, how times have changed.
@phoenixmomof2 and others – Apologies if this was covered in earlier discussion of the vaccine, but my understanding is that there are two meningitis B vaccines out there – one is 2 rounds, and the other is 3. Our pediatrician offers only the 3-dose one, given over a 9-month long period. Annoying.
And, yes, to anyone wondering about getting health care and financial powers of attorney before kids head off to college – important to do.
Appreciate the ROTH discussion - sadly can’t seem to keep all that straight. Apparently my kids aren’t the only ones in this family who could benefit from a personal finance class!
QOTD- I put myself through school with no parental support, so I went to a CC and applied to one state school to transfer, San Diego State. I was able to put myself through with student loans, grants, and a national Hispanic scholarship that basically covered my books. I worked 30 hours a week commission retail all the way through college, I had to if I wanted to pay my rent, car insurance, eat, etc… it all worked out. I went back and got my master’s degree as a mom. I’m envious of my kids and the college experiences they’re going to have, so different from mine!
@DMV301 I would call your pediatrician again. The 3-shot series meningitis vaccine (Trumenba) that D17 just finished last week should only take 6 months to complete (at least that’s what we did). I have heard they now may offer it in a 2-shot series (still Trumenba). The other 2-shot series is Bexsero.
@DMV301 I had a lawyer draw up a power of attorney and health care directive for DD14, the pdf is on my phone. I want it in case something happens and she can’t speak for herself - the same will be done for DD17.
QOTD: Looks like the college search was quite different in our day! I was lucky to have parents willing to pay for wherever I got in. I remember flipping through the Fiske book in the school library without much enthusiasm. I don’t think I got very much college mail, but for some reason I remember getting a glossy book from Boston U which I found very impressive.
I had decided I wanted to be an engineer for reasons that are now fuzzy. So obviously MIT was the school for me. =)) My Dad invited an MIT grad work friend over to talk to me (which was a pretty cool Dad-thing to do). I don’t remember exactly what we talked about but he gently encouraged me not to apply to MIT.
So, on to GA Tech. I applied EA and then didn’t do much except worry that I would have to go to UT (which in my mind will always be U of TN – sorry Texans!) Half of my HS class was going there which meant that was not where I wanted to be. Then I got a thin envelope in the mail which of course was… An acceptance to GA Tech! End of my college search – yay! (and luckily I did win a scholarship that paid about half of tuition cost. It wouldn’t make a dent today.)
QOTD: I applied to 3 schools but really only wanted to go to one of them. I wrote to each of them to request an application booklet, and wrote my essay in blue ball point pen. Pretty sure some white-out was involved, too.
