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General Discussion
College funds
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<blockquote data-quote="ridered3" data-source="post: 717302" data-attributes="member: 1371"><p>For Tennessee at least, it is invested in the market and can be setup however you want in terms of risks etc. Basically you pick a Target Year of needing the funds and pick a Target Amount of what you want in the account, pick how much you want to put into the account, and pick Low/Medium/High Risk investment accounts to try and get you to your Target Year and Amount.</p><p></p><p>It is susceptible to Gains and Losses, plus you have a penalty/tax upon any withdrawals, like TBItoy stated.</p><p></p><p>The biggest advantage of the Tennessee version is your money (up to a certain amount, but I don't recall it right off) is backed by the State (like how the FDIC backs your bank account up to a certain amount) vs having your money invested in the open market.</p></blockquote><p></p>
[QUOTE="ridered3, post: 717302, member: 1371"] For Tennessee at least, it is invested in the market and can be setup however you want in terms of risks etc. Basically you pick a Target Year of needing the funds and pick a Target Amount of what you want in the account, pick how much you want to put into the account, and pick Low/Medium/High Risk investment accounts to try and get you to your Target Year and Amount. It is susceptible to Gains and Losses, plus you have a penalty/tax upon any withdrawals, like TBItoy stated. The biggest advantage of the Tennessee version is your money (up to a certain amount, but I don't recall it right off) is backed by the State (like how the FDIC backs your bank account up to a certain amount) vs having your money invested in the open market. [/QUOTE]
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