Murphy proposes $1,000 bond/gift for infants born in 2021.

The state is borrowing money because we don't have the funds to get through the financial year.

Yeah, its only $75 million, but.....

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.