"Fully fund" college... how much?

[Anonymous]

We plan on contributing until the accounts hits $500k. Whatever the kids don't use will go the their children. This is a very efficient way to transfer wealth.

[Anonymous]

I have a rising HS senior interested in liberal arts schools. His hook is that he is full pay. Tuition room and board for privates is ~$80K.

When we started saving 17 years ago, I had thought it would be closer to 70K. I am hoping that he gets some merit - but I am not expecting anything.

[Anonymous]

We socked away (in VA 529) enough money to cover UVA + room and board for 4 years. That worked out - one went to UVA the other is at W&M.

[Anonymous]

As someone who has worked a long time in admissions for a top 10 grad program, I’ve learned that private undergrad gives no advantage to kids looking to go to grad school. Maybe it does for kids in certain fields who don’t plan on grad school, but otherwise it was a completely wasted expense.

[Anonymous]

We are 14 years out from college, only child. We are assuming $500k for undergrad, but really hope it won’t get to that. We will have some savings and cash flow the rest. We’re not counting on any external help.

[Anonymous]

Anonymous wrote:We plan on contributing until the accounts hits $500k. Whatever the kids don't use will go the their children. This is a very efficient way to transfer wealth.

Yes it is. We don’t plan to close our kids accounts. One is thru college other is a junior. We plan to start contributing again in a few years exactly for that reason—-once it becomes apparent there will be grandkids, it is an excellent way to avoid estate taxes and help the next generations. We could easily find the next two generations of education

[Anonymous]

Op, remember that this board skews upper income or rich (or liars), so take every number you hear on here with a grain of salt.

Use the savings calculator and focus on instate tuition costs for now.

[Anonymous]

Anonymous wrote:Use this calculator.

https://www.savingforcollege.com/calculators/college-savings-calculator

We’re in the top 5% of earners and have only saved for instate tuition for our two kids. Which is about $35k a year. We have about $170k for two high schoolers now, and will hope,to pay the rest as we go.

I don’t know how people save for private school amounts of room and board and tuition with no merit (70k a year plus) without some kind of weird sacrifice or serious help from grandparents. Or money is no object.

+1

[Anonymous]

Anonymous wrote:As someone who has worked a long time in admissions for a top 10 grad program, I’ve learned that private undergrad gives no advantage to kids looking to go to grad school. Maybe it does for kids in certain fields who don’t plan on grad school, but otherwise it was a completely wasted expense.

I feel that way after being in the workforce for 20 years. I won't be encouraging my kids to go private.

[Anonymous]

Current goal is $320k per kid.

[Anonymous]

Anonymous wrote:Use this calculator.

https://www.savingforcollege.com/calculators/college-savings-calculator

We’re in the top 5% of earners and have only saved for instate tuition for our two kids. Which is about $35k a year. We have about $170k for two high schoolers now, and will hope,to pay the rest as we go.

I don’t know how people save for private school amounts of room and board and tuition with no merit (70k a year plus) without some kind of weird sacrifice or serious help from grandparents. Or money is no object.

Same here, and no kidding! We do make some pretty serious compromises, mostly about driving way old cars, zero fancy vacations, and no updates to the house (still rocking mid 1960s fashion here!) and our goal if we are lucky is about 200k per kid (3) 10 years from now.

[Anonymous]

We plan to save $1m per kid. Costs will increase exponentially.

[Anonymous]

Serious question- why don’t people with high incomes just pay out of pocket for college expenses instead of running the risk of saving too much in a 529? I know 529’s can be transferred but what if your kids don’t have or want kids? So many variables.

[Anonymous]

$500k

[Anonymous]

Private college is already over $80k. So, save more if that is your plan.

I recommend enough in 529 for state school, the rest in the market - this way if they DO choose in state or get a merit award, you just use the 529, and if they go to an out of state private, you use the 529 and the mutual fund.

FWIW, we have 3 kids, one at an OOS flagship with merit aid (cost is comparable to in-state), one a an $84k private, and a third still in HS