do we have enough saved for college
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Anonymous
| This is just dumb. Your kid would be better off at a low cost college and investing that money in the market |
Anonymous
|
I just can’t imagine an in state tuition will hit $100k. Maybe out of state.
I think it’s a good target. Ours are 3 years out and we are targeting $55k per child per year for public. |
Anonymous
I was thinking the 1M post was a troll... right? 1M, no big deal for the average middle class person to save that right? |
Anonymous
| Ugh…this post stresses me out. We have 100k for my 15 yr old and 65k for my 12 yr old and even though we are throwing money at the accounts every month I realize we aren’t even making a dent to prep for private options…if that’s what they choose. |
Anonymous
Why? If they are capable of saving that much already (kids are 6 &4), they are rich or very UMC. WHat's the point of having money and not spending it on things you value as important? For us education is important. We had similar saved for our kids. They were allowed to attend wherever they wanted. It was NOT as a result of not saving for retirement or living life. Note: if you have that much saved early, they can invest in the market and let it ride and likely have enough for most colleges for 4 years for both kids when time come. Advantage of saving early is key, and now they can shift focus to their retirement, if they haven't already. |
Anonymous
So don't respond to their post if you have nothing to add. |
Anonymous
$1M is realistic amount for 2 kids in 12-14 years starting college, if they attend a school that's currently $85-90K. FYI---a true MC person will get FA at many schools. Also, there are tons of excellent choices that give merit aid to top students, so if you don't want/can't choose to save, you can still find affordable options. |
Anonymous
Unless you can easily cash flow college (and I doubt you can/should since you only have 100K saved, 3 years before college), then you should NOT be considering expensive private schools that are full pay. Search for merit aid and find somewhere that can be afforded with at most the $27K federal loans (total for 4 years) and your kid contributing by working to earn $10-12K/year (not that difficult to do in DCUMland). So in state school or OOS private or state that offers great merit to your kid are your options. There will be many if you search, just not many in the T50 schools that cost $90K+ |
Anonymous
Actually per the "donut hole" this MC person and many others will be just over the threshold to qualify for FA. |
Anonymous
|
We have $150,000 saved for our 4th grader and we thought we were doing fine.
Sheesh. |
Anonymous
| I would save 5 million a child |
Anonymous
| It's okay - but you should really have a longer game plan in mind if you want your kid to be successful and set. Plan for state undergrad and a name brand grad school/professional school. If they get funding, and there is money left over, give it to them for their first house/wedding etc. Young people will never recover financially if they have a lot of student debt plus a huge mortgage. Unless you have a trust fund to offer, and money is no object, spend wisely. |
Anonymous
So basically, most young people are f*cked unless they have rich parents. Got it. |
Anonymous
| Are you serious? Just invest it well and you will be more than fine. |
Anonymous
Hence why the PP talks about Merit Aid (not Financial Aid). It's out there and readily available. but step down 1 tier or two. |