<p>I asked my parents earlier this week if they had a college fund for me which they said yes to. They had been putting in money since i was a baby and then stopped since the company said you only need to put in a certain amount and then the money will grow each year. But with the economy we have right now there might not even be enough money for all 4 years. My mom also told me that they won’t tell her the amount of money there is now but will when i actually go to college. My question is should i get a job now just in case or do you think there might be enough money in the college fund?</p>
<p>You might want to get a job anyway…so that you can earn your spending money for college…you know…things like your book, going out with friends, those pizzas that aren’t on the meal plan, clothes. To be honest, any job you get isn’t going to be able to pay for the full cost of attending college.</p>
<p>Did you discuss your college applications and the costs of attending college with your parents before you sent your applications? If so, let it go…and they will guide you. Regardless of what they have/don’t have in savings, you will have to attend a college your family can afford to pay for.</p>
<p>Ask your mom to find the paperwork that describes her college savings plan, and then read through it with her to be certain that you both understand what the rules are that govern that plan. It sounds like your parents may have a pre-paid tuition program for the public universities in your state. If so, that means they have already “bought” a certain number of credit hours at the public universities, and if you go do a different institution, the amount of cash that you would receive to use at that other place would depend on what the current value of that number of pre-paid course credits is.</p>
<p>Also wondering if this might be an amount that you need to know in order to report it on your FA forms.</p>
<p>* My mom also told me that they won’t tell her the amount of money there is now but will when i actually go to college.*</p>
<p>???</p>
<p>Who is “they”? What does that mean that “they” won’t tell her how much is in there until you go to college?</p>
<p>Doesn’t your mom get some sort of statement every so often about that money for tax purposes, or whatever? It doesn’t sound right at all that it would some big secret from the owner of the account!</p>