— Step 3: Start Using Your BLOC as Your College Fund —

Use your BLOC as your money account

  • deposit all income:
    all income earned such as pay, cash awards, bonuses, and cash gifts should be deposited (or paid) into your BLOC.

    Note: you do not need to close your existing checking account. It may continue to function as your "writing checks" account.

    However, the amount in your checking account should be minimal -- just enough to cover checks being written and to avoid accidental overdrafts.

    Check with your bank servicing your BLOC whether your employer can automatically deposit income payments into your BLOC.

    If no, have your income deposited into your checking account. You will then use your online banking to transfer checking deposits into your home equity line account.

pay all family expenses (payments):

you will pay all of your living expense payments from your BLOC. This includes:

  • your regular monthly mortgage payment
  • your utilities bills
  • your insurance
  • your living expenses
  • all other personal expenses

use the BLOC to pay college expenses:

use the BLOC to pay for college expenses. There are two options that you can use:

  1. Option 1:
    parent pays the entire cost of college minus the financial aid awards received by the student

    view option 1

  2. Option 2:
    parent has student share cost responsibility by using the BLOC to make payments on borrowed school funds

    view option 2

    Either way, you simply use the BLOC to make college payments. Your discretionary income will quickly repay the BLOC balance.

go to Success Plan: Step 4


10-Step Success Plan

  • [view] ST3: Start Using BLOC

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