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  1. #21
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    Hello All, I work with ASG as the Communications Manager. It has been interesting reading everyone's experiences and perspectives. It is also great to see that so many of you are thinking about or are actively saving for your kids' education. I just wanted to clarify a couple of statements here.

    Yes, it is true that if you enrol only in our Foundation product, The Education Fund, that the interest earned on your contributions is pooled and shared evenly with all Members' children who go onto post-secondary education in a given year. However, if children decide not to go on to post-secondary, ASG does not get the interest. It remains in the pool to be distributed amongst Members' children. This is then paid as a Scholarship Benefit.

    The Education Fund has been designed specifically to motivate and encourage children to go onto post-secondary. However, if parents want more flexibility, ie not sure if their kids will complete tertiary and want the interest on their earnings, then there are other programs to consider.

    The other issue highlighted here is that you can't get your money back. While ASG offers a disciplined savings program with no needed start-up capital, you can alway surrender or cancel the program. You will always get your contributions back minus any outstanding fees. Depending on the program you select, you will also receive your earnings.

    There are lots of options to consider when saving for your children's education and you need to choose what will work for your family. If anyone needs any particular issue clarified here, I am more than happy to try. I am also happy to take any feedback. It only helps us understand what you are experiencing as parents trying to do the best for your kids.
    Last edited by Camilla F; 17-09-2012 at 14:19.

  2. #22
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    Hi, I also want to add- for the bhers who were discussing having to pay tax on their children's savings.. There is nothing to prevent getting your children a TFN and supplying it to the bank! Children have a tax free threshold as well. Granted, it obviously isn't as high.. But it was designed to ensure children's savings weren't taxed highly, while still preventing their loving parents from taking advantage of a different tax bracket
    A child is able to have quite a sum of money in their account before it is taxed- contact your bank or check the ATO website.

  3. #23
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    Default Very unhappy

    We enrolled our children into ASG 18 years ago. I have been very frustrated by them over the years and have found them to be very restrictive. I would never ever recommend ASG. I would recommend you invest your money regularly into a special bank account

  4. The Following User Says Thank You to Macp For This Useful Post:

    jackieB  (14-01-2013)

  5. #24
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    Quote Originally Posted by jlea View Post
    Hi All!

    I'm just wondering if anyone has entered their child/children into an Education Fund through the Australian Scholarships Group?

    I had a representative come out to our home and meet with us last night & give a brief presentation on the products available.
    I was quite impressed and I thought it was a fantastic idea, however my DP thinks we should just open another bank account and create our own Education Fund for the two kids

    Basically, for those who don't know, the ASG fund gets you to put into it a nominated amount each week from when you start the fund to when your child turns 12 years old. From there they either give you back ALL your contributions as a lump sum payment on the anniversary date of your contributions beginning, in the year the child turns 12. Or you can choose to have the money paid back to you spread out over the 6 years of high school.

    So the idea of the program is for you to not have to pay for their High School Education by using this money you 'invested/contributed' while they were young.

    The next benefit is, if the child then goes on to University they will pay them a Scholarship of approx. $200 per calendar month - but only as long as they are in a registered Tertiary Education course.

    It sounded really good at the time & I would've signed up there and then, however DP was suggesting we open a separate bank account, put aside the money each week, earn the interest (so we end up with more at the end of the day) and then we support them through Uni/Tafe.

    I'm a bit skeptical with DP's idea as I know if we ever needed money for something quickly, we'd both just say, oh take it from the kids education account - we'll put it back. YEAH RIGHT!

    My DP & I are both tertiary educated and have done really well in our careers so far, both breaking six figure salaries by the time we turned 25! All I want is for my children to have the same opportunities we do!

    Anyway, which way would you all do it?

    Thanks in advance
    My Aunt used ASG for her kids. Recently she worked out that had she just put that money into an interest bearing savings account, she would have wound up getting an extra $5k per child for their educations. Needless to say, we won't be going anywhere near them. Interest bearing savings accounts are free to have if you have a certain amount in them and no withdrawls (depending on who you're with).

  6. #25
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    I Agree. I have 2 children in rolled and now 2 of the accounts set up over 10 years ago have matured and all the dots line up as a major waste of time and money on my part ..Below is an email response from ASG..this was marketed as an investment fund for educational purposes .....but I would invest in a managed fund yourself....

    Dear Jackie
    > >
    > > In response to your recent email we would like to advise that payments for xxxxx Secondary Funds will be made annually via cheque by 1 February. However, we do endeavour to have payments processed as early as possible and in recent years payments have been posted at the end of December.
    > >
    > > As advised at enrolment, the figures provided on your Certificate of Membership are projected amounts and are not guaranteed. It is not the intention that Members enter these funds solely as a financial investment, but rather as a strategy to enhance their children's career opportunities.
    > >
    > > Over the first three years of xxxx{childs name} Secondary Schooling you receive the return of the majority of your Member's Benefit (contributions) and therefore provided you have completed your contribution schedule and there has been no variation to your membership the figures provided are actual. The final three years of Secondary Schooling include the balance of your Member's Benefit along with the interest earned on the Fund and is therefore provisional. As we cannot predict future earnings these amounts may vary.

  7. #26
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    Yes People don't even bother with ASG ; take it from someone who set up 4 accounts for his 2 children; and you would actually do better with a managed cash fund over the same period of time let alone if you placed that money with in a higher return fund.
    Live and learn ...but my advice is stay away from ASG Dear Jackie
    > >
    > > In response to your recent email we would like to advise that payments for xxxxChilds name Secondary Funds will be made annually via cheque by 1 February. However, we do endeavour to have payments processed as early as possible and in recent years payments have been posted at the end of December.
    > >
    > > As advised at enrolment, the figures provided on your Certificate of Membership are projected amounts and are not guaranteed. It is not the intention that Members enter these funds solely as a financial investment, but rather as a strategy to enhance their children's career opportunities.
    > >
    > > Over the first three years of childs name Secondary Schooling you receive the return of the majority of your Member's Benefit (contributions) and therefore provided you have completed your contribution schedule and there has been no variation to your membership the figures provided are actual. The final three years of Secondary Schooling include the balance of your Member's Benefit along with the interest earned on the Fund and is therefore provisional. As we cannot predict future earnings these amounts may vary.

    This was marketed to me as a managed fund for educational purposes....mmm learn from my mistakes and invest the money yourself into either a cash managed account or a managed fund of your choice.

  8. #27
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    my advice since I set up 4 accounts for my 2 children is : Don't bother with ASG...see an investment advisor or do it yourself with a cash managed fund. As the returns from ASG are low. if you register in both parent names and split ..then you will have to try and jump through the hoops to get the cheques changed to 1 name so you can cash them ...as I have found out the banking laws have changed and now require ASG to reissue the yearly checks in one name...which hasn't been a real fast occurrence on ASG's part....my advice is learn from my mistakes and think about a cash managed fund or a long term investment and contribute to it as you would with ASG as the concept is great...just the reality of low returns through ASG and if your children don't go to UNi....is not so great to wait 10 years plus to find out

  9. #28
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    Default Does anyone use "Australian Scholarships Group"?

    We had a representative of ASG come to our house after we had enrolled in a competition to win a scholarship for our children's education.

    He gave his speech about how it all works and then said "now which product will you be signing up for?" My DH and I said we wouldn't be signing up for anything that day, and he then said "don't you care about your children's education?" He was quite offensive and pushy, even after we said that we were already saving.

    I wouldn't use them based on my experience with this person.

  10. #29
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    If you want a way to save for your childs education without involving other people, perhaps you could look at a long-term term deposit at a bank.

  11. #30
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    We enrolled our first child and will complete the required contributions in the educational and supplemental funds (until she turns 12 I think). We are investing differently for child 2 & 3 and will not be enrolling in ASG again. There are better options out there. Dont be pressured by the sales pitch and do your homework on your options, we didn't initially...oh well live & learn


 

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