8 secrets advisers used to pay for their kids’ college

Pre-paid tuition programs

Sheila Padden, Padden Financial Planning, as quoted in Investment News:

Ms. Padden funded 17 years of private college costs using a combination of pre-paid tuition plans, namely the Private College 529, traditional 529 savings plans, and custodial accounts, like those allowed under the Uniform Transfers to Minors Act. Her youngest is in medical school, her middle child is working on a Ph.D.

“I am very glad I diversified our college savings so we did not have to sell while the markets were down. The pre-paid tuition plan saved the day during the financial meltdown, with two kids in college and tuition due.”