Sorry in advance if this is the wrong forum!
I am looking to start a college savings fund for my child, but want there to be some caveats attached. First, I want a savings fund that will allow me to make some low-risk, long term investments such as CDs, money market, maybe bonds. No stock speculation here.
But, I imagine it working this way:
What we are trying to do here is to provide a strong incentive to go to college, and a strong incentive to get a partial/full scholarship. The more scholarship he gets, the more money he keeps after graduation.
Would a plan like this work? How would it be structured? Would it be a contract? Savings plan?
Thank you in advance!!What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?
I am looking to start a college savings fund for my child, but want there to be some caveats attached. First, I want a savings fund that will allow me to make some low-risk, long term investments such as CDs, money market, maybe bonds. No stock speculation here.
But, I imagine it working this way:
- I put in $100 every month
- The money must be used by the child to attain a 4 year degree
- If the child gets a scholarship, he takes possession of the leftover money in the fund once he has his 4 year degree
- If he chooses to NOT go to college, he gets half the money and the other half reverts to us (his parents) after his 21st birthday.
What we are trying to do here is to provide a strong incentive to go to college, and a strong incentive to get a partial/full scholarship. The more scholarship he gets, the more money he keeps after graduation.
Would a plan like this work? How would it be structured? Would it be a contract? Savings plan?
Thank you in advance!!What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?