We enrolled Isabelle into the Maryland Prepaid College Trust today! We should have started two years ago, but at least we finally started.
We purchased two full years of a University education and will pay that off over the next five years. We just paid off both of our cars, so this is sort of like buying another car with 5 years of payments.
If we run into additional money, we can add additional semesters or years with lump-sum payments or another Trust account to add another year at any time...there are options galore.
But at a minimum, by 2015 we will have two full years of a Maryland college PAID FOR and then we will enroll in another trust account to get the other two years prepaid at that time. If she goes out of state, which I hope she does, then the tuition for her school of choice is partially covered on a weighted-scale. So eventually we'll use some other investment vehicles to sock away cash for those 'extras' like additional tuition, books, and her living expenses.
And when Isabelle gets that full scholarship to Boston College in 2025, she can use this prepaid trust to help with medical school, law school, or graduate school.
Ahhhh, maybe I'll get some sleep tonight.
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