529 Plan and College Savings

Question: What is a 529 Plan? Please help me decide what to do!!?

I am a 15 year old freshman in high school. I live in virginia and my family is absolutely poor…i mean like my mom and dad both make UNDER 30k a year. I am actually pretty bright in school, I plan to attend stanford, MIT, or pinceton….but what is the best plan for me? I have about a 1k to invest from my own and im sure my parents dont have anything to put in….so what should I do? there are like 4 529 plans…please contact me by email if u want to kno more

Answer: The schools you mention all cost in the neighborhood of $40,000/yr. and require a GPA of 3.8 or better to even be considered. In order to have a realistic chance of being accepted you ought to target 4.0+. You aren’t going to be able to afford those schools on your own. My advice is take about half of the money you have now and spend it on a college placement consultant. (interview several) The application process to the top schools is rigorous and you will need time and guidance to produce a first-rate application and arrange financing through grants and scholarships. It will be a lot of work but it can be done. Good Luck.

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