If your HHI is between 200-300k, how much will you have saved for college

[Anonymous]

just enough for the DC tax credit. between that and the DC grant should be enough for state school tuition somewhere.

[Anonymous]

Anonymous wrote:It's not your responsibility to pay for college, OP. Adults are responsible for themselves. If you are 18, you are an adult. I raised independent adults who pay their own way for everything. If you want to go to college, you'll figure it out. If you do not want to go, you'll also figure that out.

My parents paid for my college; I see no reason why, considering that I had that privilege, I shouldn't put myself in a position to do the same for my kids. Paying for college meant I didn't need to seek financial help from them for anything else, because I didn't have burdensome loans, and I didn't go to grad school, so I didn't need money for that from any source.

[Anonymous]

We're closer to $350K income but have saved $165K for our three kids, all under 10. I expect we'll have closer to $250K per kid by the time the first enters and we'll pay the rest out of pocket. We will likely inherit several million from each side of the family too, which would go towards their education.

[Anonymous]

We have saved $8000 a year to get the DC tax credit. I think we will have about $160-200K when our only child graduates in a few years.

[Anonymous]

Anonymous wrote:We're closer to $350K income but have saved $165K for our three kids, all under 10. I expect we'll have closer to $250K per kid by the time the first enters and we'll pay the rest out of pocket. We will likely inherit several million from each side of the family too, which would go towards their education.

Ok, really? Read the thread; people are discussing how they save for their kids' college so they won't be overburdened with loans and you are taking about inhering millions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In all seriousness, Are you guys in a regular 529. Mine accrues very little interest; it’s laughable how little really. What am I doing wrong?

Same here. We're VA529 and I don't see gains that large at all and we just selected the age appropriate fund. In retrospect, I wish that we'd done the pre-paid but I wasn't sure if we'd stay in VA. We have three kids so bigger savings burden but hope to save $150-170 per kid. Not sure if that will pan out but will see.

same here. we having been saving since birth and our VA529 has not grown like the ones described in this thread.

[Anonymous]

Anonymous wrote:We're closer to $350K income but have saved $165K for our three kids, all under 10. I expect we'll have closer to $250K per kid by the time the first enters and we'll pay the rest out of pocket. We will likely inherit several million from each side of the family too, which would go towards their education.

Are you this insufferable in real life?

[Anonymous]

Anonymous wrote:just enough for the DC tax credit. between that and the DC grant should be enough for state school tuition somewhere.

This is our plan too. I am just concerned with the declining “real purchasing price” of the DC grant. When I was a child it actually covered out of state tuition at public schools. Today there is a gap. 10 years from now when my children start to go to college, who knows!?!? College costs are out of control.

[Anonymous]

Anonymous wrote:OP here. Are you all between the 200-300k HHI? I feel like everyone on this board makes so much more than that. We have about 65k for the oldest-6 more years to go until college. I started contributing more this year. At the end, it will probably be just under 100k/kid.
For the PP who said we don’t have to pay for college. I would like to help my kids at least not graduate with debt. It feels like so many kids already have a leg up in other ways bc of parental help. This seems like the least we can do.

You’re not alone OP! We unfortunately started late since we prioritized maxing out our retirement first. About $30k for each kid,
about 10 years away.

[Anonymous]

Anonymous wrote:If we assume a 6% rate of return and an increase in costs of 5% per year like the calculators say, we will have $275k for our oldest and $350k for our youngest based on current balance and savings rate.

Neither of those amounts would come close to being able to full pay at a private school. We live in DC so no instate option and many of the really good state flagships are in the mid $50s to high $60s with room and board today…we’d be highly short of schools comparable to UVA.

The younger will have more because we upped our rate of savings when the youngest was 4 and the oldest was 9, so the youngest will have many more years to benefit from that (coinciding with the end of daycare which freed up $2k a month in our budget). We currently save $1000/month/child. Prior to about a year and a half ago we saved $4k/year/child.

Have you considered UDC?

[Anonymous]

tbh about 50-75 for each kid. 2 years community college while living at home first is the plan. We’re very open with our kids about that.

I didn’t complete my degree and make 230k at 30 years old, my husband did and he makes 55k at 32.

College isn’t all it’s cracked up to be IMO.

[Anonymous]

Anonymous wrote:It's not your responsibility to pay for college, OP. Adults are responsible for themselves. If you are 18, you are an adult. I raised independent adults who pay their own way for everything. If you want to go to college, you'll figure it out. If you do not want to go, you'll also figure that out.

Given college costs today, you are quite the caring parent. Let me guess, you spent your money on expensive cars, jewelry etc and saved no money for your kids.

[Anonymous]

Anonymous wrote:tbh about 50-75 for each kid. 2 years community college while living at home first is the plan. We’re very open with our kids about that.

I didn’t complete my degree and make 230k at 30 years old, my husband did and he makes 55k at 32.

College isn’t all it’s cracked up to be IMO.

Making that salary with no degree is highly unusual so don't try to make it sound as if that is going to happen for anyone else. People who pop up here to humble brag are the worst.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My wife and I both went to private colleges (mine paid for by my parents, hers mostly with loans and grants); I don't see why we shouldn't give our kids at least the option to do the same if they can get in. Our retirement is well on track, so the only thing we're "sacrificing" by putting money into 529s is some additional discretionary spending. Big deal.

We've got about $300k saved now for a 10 year old and a 7 year old combined and are still putting at least $15k a year into 529s. (We put some money in from an inheritance a while ago to jump-start it.)

Must be nice. Some of us didn’t have as pampered of an upbringing and don’t think we need to stress ourselves out to send our kids to some private college that isn’t even worth the extra money. The people I know who make real money have high level security clearances due to military service anyway. The private school kids I know are slackers by comparison.

Why so bitter, PP? You do you. No need to spout your venom over someone because they made other choices.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We're closer to $350K income but have saved $165K for our three kids, all under 10. I expect we'll have closer to $250K per kid by the time the first enters and we'll pay the rest out of pocket. We will likely inherit several million from each side of the family too, which would go towards their education.

Are you this insufferable in real life?

Why is the pp insufferable? It was a statement of facts. Your jealousy is off the charts.