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What are the pros and cons of planning ahead and prepaying tuition for a designated college?
If you buy into a prepaid tuition plan, the college guarantees that your kid’s tuition is fully paid when it’s time to go to school. That can give you some peace of mind. But what happens if your kid doesn’t want to further his education, or simply decides on a different school? Some prepayment plans cover several colleges -- which is better -- but that still won’t help if your son or daughter decides that a high school diploma is enough. Check the fine print. You should be able get your money back if you don’t use the tuition. Or, better yet, one of your other children may be able to take advantage of it.Return to Questions
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