Anonymous college savings account?

[Anonymous]

Hello,

I wanted to inquire as to whether anyone was familiar with setting up an anonymous college savings account. I am a teacher and have a student who is very dedicated and has big dreams but is very impoverished. I know there are scholarships and opportunities available to her, but I have been thinking about creating some type of fund she could only touch when she is 18 or 19. I am in New York, if that matters.

I would not want to bring this up right now (it is early middle school) and feel a bit awkward about it, so I don't know what to do. Is there a way to put it in her name and make it stay anonymous? Perhaps I could just maintain my own separate savings account and decide what to do later.

I can't and am not trying to pay for her college- that's out of the question, but I could put $10 or $20 away/month. At least to help with books or something. Maybe this is nuts and I shouldn't do it because there will always be another kid to help...

anyway, thoughts welcome. Thank you.

[Anonymous]

Open a 529 plan in your name. You can change the beneficiary to her or another student when the time comes.

[Anonymous]

Pp here. I am sincerely touched by your idea. If you really open an account and plan to donate the money, I will match whatever you contribute. Create an anonymous email account and post the email address here. I will email you.

[Anonymous]

@ PP: thanks for the advice (i don't have kids yet so haven't gone through the 529 process). thanks for your kind words & i will update with an email soon.

[Anonymous]

More important than money is for you to be her mentor to help her find as many opportunities as you can and to be there when she applies to college. Do you teach at a public school? There are private schools who would give her a scholarship if she knew how to apply and how to take the admissions tests. I think there are foundations that help poor middle school kids get into private high schools. Research summer academic camps for bright, disadvantaged students.

[Anonymous]

Yes open a 529 account, you can find a ton of research on http://www.savingforcollege.com/ for 529's and then open a free GradSave http://www.gradsave.com/home account to create a profile you can share with others. Anyone you want to tell about your story can easily gift directly towards the 529 plan you set up and grow her college savings that way.

Good Luck!

[Anonymous]

Anonymous wrote:More important than money is for you to be her mentor to help her find as many opportunities as you can and to be there when she applies to college. Do you teach at a public school? There are private schools who would give her a scholarship if she knew how to apply and how to take the admissions tests. I think there are foundations that help poor middle school kids get into private high schools. Research summer academic camps for bright, disadvantaged students.

Totally agree with this. Absolutely wonderful idea OP and not to discourage you from doing it, but your ongoing support is more valuable IMO.