Murphy proposes $1,000 bond/gift for infants born in 2021.
Apparently the first article I opened had it wrong. It is a one time deposit of $1,000, which would be completely useless even if the child ends up going to a county college.
spontaneous said:
Apparently the first article I opened had it wrong. It is a one time deposit of $1,000, which would be completely useless even if the child ends up going to a county college.
The $1,000 bond would theoretically earn interest and be payable at age 18. Amount received on that date would be more than $1,000.
joan_crystal said:
spontaneous said:
Apparently the first article I opened had it wrong. It is a one time deposit of $1,000, which would be completely useless even if the child ends up going to a county college.
The $1,000 bond would theoretically earn interest and be payable at age 18. Amount received on that date would be more than $1,000.
They’re estimating that by age 18 it would be worth $1,300
$1,300 is still more than $1,000 
That written, interest rates can fluctuate over 18 years.
$1,300 won’t even cover books in 18 years, let alone pay tuition.
spontaneous said:
$1,300 won’t even cover books in 18 years, let alone pay tuition.
Useless then. Harmful now.
Formerlyjerseyjack said:
Useless then. Harmful now.
I don't know, I'd love to know that money was there. I'm 4 years from college tuition. I've been saving, but I wouldn't look down on $1300. I'm not rich. Now maybe we can't afford it - that's a different question. What I'd do is let any parents register a newborn, and then give them a break for any state school when they go to college.
The state is borrowing money because we don't have the funds to get through the financial year.
Yeah, its only $75 million, but.....