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Discussion Starter · #1 ·
I just paid off my student loan today!
Of course, I'm already thinking of going back to school. Currently I work as a nurse but know that it's not something I want to do for the rest of my life. I've been thinking pretty seriously about going to acupuncture school. It's a 3 year master's program that currently costs about $50,000. I'd like to go back to school in about 5-7 years; once my kid(s) are in school and our childcare expenses drop. During that time, I'd like to try to save up as much as possible to limit the amount of loans I'll have to take out. I'm trying to figure out the best way to get the most bang for my buck during that time.

Our state offers a college prepayment program called Guarnteed Education Tuition (GET). Basically, you buy college tuition now at today's rates to use for the future, purchased in units. One year of undergrad college at our state's most expensive public school is equivalent to 100 units and you can buy up to 500 units. I can use the units towards tuition at acupuncture school. Right now units are about $74 each. The cost per unit goes up each year as they raise tuition. My contributions to a GET account wouldn't gain interest for me, so I'd basically be just prepaying tuition. The benefit to doing it this way is that it's guaranteed - I wouldn't lose any money and it's tax free. I guess my other option would be investing the money I could pay towards GET instead. It could gain interest but wouldn't be guaranteed.

I'm not exactly sure how much I'm going to be able to put away each month. We're still working on paying off my car (our only debt besides our mortgage), which should be done in about 12 months. During that time, I'm hoping to put away $100/month and then about $300-$400/month once the car is paid off.

I've done some preliminary research but most of the resources out there seem to be saving for your children to go to college. Any suggestions???
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