How much are you saving for college?

[Anonymous]

I definitely think these rising college costs are completely unsustainable. The average family can't afford it, and the kids won't be able to pay off the loans unless they all make 6 figures right after graduation. It is insane, and it will come to an end.

I honestly do not know what we have in our daughter's account - it is the ONE account my husband tracks and NOT me. I probably should look. We save $200/month on our own, with an extra $50 from my in-laws. My mom has an account of her own that she started with some inheritance money from my grandfather - money he specifically requested be put aside for my daughter.

[Anonymous]

Anonymous wrote:Zero.

Education is the biggest load of bullcrap out there. I got myself a bunch o' fancy degrees from top schools up the wazzoo, fat load of good it did me.

You can't teach common sense, and if you ain't got that then all the book-learning in the world won't amount to more than a hill of beans.

Yes, obviously highly educated.

[Anonymous]

2025 and 2027. We have $22k for the first, about 3k for the second. We save $400/mo total.

[Anonymous]

Anonymous wrote:2025 and 2027. We have $22k for the first, about 3k for the second. We save $400/mo total.

2025 and 2027 here too, about 12K for #1, about 4K for #2 and $400 total a month as well. Hoping to increase that when daycare payments go away, but not to an insane amount. We don't plan on financing 100% of both kids' college education. They'll have to figure out some portion of it, either through scholarships or by (gasp!) working and saving up for themselves.

[Anonymous]

$35K saved. 2 kids, entering college in 2023 and 2027. Saving $500 a month. Have a paid off condo in DC that we rent out currently which we can sell if we need to.

[Anonymous]

About $20K, but I (single parent) only have 4 more years till she graduates from high school. Sigh. I can only hope that bubble bursts before 2015.

[Anonymous]

We just started saving $1500/mo. One DC, 2 years old.

[Anonymous]

2025 and 2028 - We have $70K for the first and $6K for the second (yep, got a late start for the second). Plus grandparents have funded accounts with about $30K for each. We are currently putting in a total of $1250/mo. College savings was ingrained in me and I am a bit compulsive about it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:None. We have savings, but it's not for college. And we have five children, two of whom are already in college. Both are on full scholarships. One of them truly is brilliant. The other is just your average kid. It's not that difficult to get scholarships and grants. We expect our kids to work hard if they want to go to college. We'll help with extras if we need to, but we won't need our savings to do that.

ewww.

What a rude thing to say. Here's hoping that you have chosen a much smaller family size. People like you really shouldn't have children at all.

[Anonymous]

My thoughts entirely. I would imagine the poster's 5 kids will grow up to benefit our society greatly.

[Anonymous]

We save 1 k a month total. Our kids are 5 and 7

[Anonymous]

2029. We have about $20K now, mostly from gifts we got when he was born. Our plan is to bank $10K per year but not all in the 529. Some of it will be in more aggressive investments in DS's name. Hopefully by the time he is ready for college we will have the lion's share ready, and we will make up the rest out of pocket or if the grandparents decide to contribute, which I suspect they might.

[Anonymous]

I'll be lucky if I'm not contributing to grandparents' nursing home costs by the time DS is ready for college.

[Anonymous]

I think for most people making the median salary in this area (you know, those people who can still contribute to Roth IRAs?), things will get less tight after they are done paying for full-day daycare. After we pay mortgage, our Roths out of pocket since we don't have work retirement accounts, and daycare (and we only have one in daycare PT), there isn't a LOT left over. We feel pretty lucky that we can put anything aside at all. And this is with 2-working parent HHI of $125K.

[Anonymous]

You people are doing so well. I thought I was okay with $12,000, with an anticipated $6k additional a year, for our one that should enter college in 2026, but now I am concerned. I guess I should do a calculator thing (or, we might just end up paying some out of pocket).