How much should you contribute per month to 529 plan?

[Anonymous]

Anonymous wrote:

Side note
I remember asking one of my co-workers about 529 plan for her two kids.
And she said her and DH weren't paying for their college.

While sipping on Starbucks in her matching burberry boots and bags.
I said well at least you know your priorities, LOL.

Some people feel that it is better for kids to pay or borrow their own way. That they'll appreciate it more, or learn self reliance, or whatever.

[Anonymous]

our DD is almost 2 and we used the calculator for the 529. We are putting in $600/mo

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have 4 kids. 21, 17, 10, 7. With the 2 in college I'm finding that the cost is so variable. One kid is at a state school and gets decent scholarships. Her cost is about $10k per yr for us. The 17 yr old just started getting his acceptances. Costs are around $30 for most schools and I haven't seen the FA packages yet. But he's an avg student so unless he can make a compelling argument why he needs to attend an OOS/private for business, he'll be going in state as well.

So based in this for the younger kids, I'm working towards putting $100 in each of their 529s. The other money I'll put into regular investments.

I guess for our family, the price of college has gotten so out of control that the younger kids choices are going to be in state or OOS/private that offer enough merit aid to bring their costs in line with in state.

I don't think there's a hard and fast rule of thumb. You just save what you can to feel comfortable. We have a 3 yr old with another on the way. My goals are similar to this poster--save about $100k to $130k per child and then reevaluate. We have $35k saved so far and plan to save as aggressively as possible until we feel comfortable with the amounts. Our goal is to be able to pay for 4 years of private. If they go to state schools, they can keep the extra money for grad school or their kids.

I'm 10:17. We live in DC so really not a state school option. I totally agree that tuition costs can vary greatly. Check out the west virginia tool:https://financialprofessional.hartfordinvestor.com/planco/content/college/calc/calc529.html to see who widely different it can be. And there was a recent forbes article that really opened my eyes to how different college admissions and pricing have changed:
http://www.forbes.com/sites/maggiemcgrath/2014/07/30/the-invisible-force-behind-college-admissions/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Side note
I remember asking one of my co-workers about 529 plan for her two kids.
And she said her and DH weren't paying for their college.

While sipping on Starbucks in her matching burberry boots and bags.
I said well at least you know your priorities, LOL.

Some people feel that it is better for kids to pay or borrow their own way. That they'll appreciate it more, or learn self reliance, or whatever.

Selfish parents, probably white

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Side note
I remember asking one of my co-workers about 529 plan for her two kids.
And she said her and DH weren't paying for their college.

While sipping on Starbucks in her matching burberry boots and bags.
I said well at least you know your priorities, LOL.

Some people feel that it is better for kids to pay or borrow their own way. That they'll appreciate it more, or learn self reliance, or whatever.

I think its cruel when the famly has the means to help.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Side note
I remember asking one of my co-workers about 529 plan for her two kids.
And she said her and DH weren't paying for their college.

While sipping on Starbucks in her matching burberry boots and bags.
I said well at least you know your priorities, LOL.

Some people feel that it is better for kids to pay or borrow their own way. That they'll appreciate it more, or learn self reliance, or whatever.

I think its cruel when the famly has the means to help.

Help, yes. Fully subsidize, no.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Side note
I remember asking one of my co-workers about 529 plan for her two kids.
And she said her and DH weren't paying for their college.

While sipping on Starbucks in her matching burberry boots and bags.
I said well at least you know your priorities, LOL.

Some people feel that it is better for kids to pay or borrow their own way. That they'll appreciate it more, or learn self reliance, or whatever.

I think its cruel when the famly has the means to help.

Bootstraps!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Side note
I remember asking one of my co-workers about 529 plan for her two kids.
And she said her and DH weren't paying for their college.

While sipping on Starbucks in her matching burberry boots and bags.
I said well at least you know your priorities, LOL.

Some people feel that it is better for kids to pay or borrow their own way. That they'll appreciate it more, or learn self reliance, or whatever.

I think its cruel when the famly has the means to help.

Then you probably shouldn't go this route.

[Anonymous]

Anonymous wrote:

Anonymous wrote:To the PP, that's awesome.

Side note
I remember asking one of my co-workers about 529 plan for her two kids.
And she said her and DH weren't paying for their college.

While sipping on Starbucks in her matching burberry boots and bags.
I said well at least you know your priorities, LOL.

Anonymous wrote:OP here: good for you PP! This is something to aspire to!!

Wow, that is sad....

Yup. A lot of selfish parents out there. I get teaching kids responsibility and all. But not saving a dime for them these days is just wrong. I know too many people college debt in the 6 digits and they are so stressed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have 4 kids. 21, 17, 10, 7. With the 2 in college I'm finding that the cost is so variable. One kid is at a state school and gets decent scholarships. Her cost is about $10k per yr for us. The 17 yr old just started getting his acceptances. Costs are around $30 for most schools and I haven't seen the FA packages yet. But he's an avg student so unless he can make a compelling argument why he needs to attend an OOS/private for business, he'll be going in state as well.

So based in this for the younger kids, I'm working towards putting $100 in each of their 529s. The other money I'll put into regular investments.

I guess for our family, the price of college has gotten so out of control that the younger kids choices are going to be in state or OOS/private that offer enough merit aid to bring their costs in line with in state.

I don't think there's a hard and fast rule of thumb. You just save what you can to feel comfortable. We have a 3 yr old with another on the way. My goals are similar to this poster--save about $100k to $130k per child and then reevaluate. We have $35k saved so far and plan to save as aggressively as possible until we feel comfortable with the amounts. Our goal is to be able to pay for 4 years of private. If they go to state schools, they can keep the extra money for grad school or their kids.

I'm 10:17. We live in DC so really not a state school option. I totally agree that tuition costs can vary greatly. Check out the west virginia tool:https://financialprofessional.hartfordinvestor.com/planco/content/college/calc/calc529.html to see who widely different it can be. And there was a recent forbes article that really opened my eyes to how different college admissions and pricing have changed:
http://www.forbes.com/sites/maggiemcgrath/2014/07/30/the-invisible-force-behind-college-admissions/

Wow. That article was enlightening. Gah.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To the PP, that's awesome.

Side note
I remember asking one of my co-workers about 529 plan for her two kids.
And she said her and DH weren't paying for their college.

While sipping on Starbucks in her matching burberry boots and bags.
I said well at least you know your priorities, LOL.

Anonymous wrote:OP here: good for you PP! This is something to aspire to!!

Wow, that is sad....

Yup. A lot of selfish parents out there. I get teaching kids responsibility and all. But not saving a dime for them these days is just wrong. I know too many people college debt in the 6 digits and they are so stressed.

It's possible that they are house poor, YET will have their mortgage paid off when their kids are nearing college, and will use that money to supplement college then.

I know a couple of families that are doing that. Even the most financially secure and savvy folks don't have 529's, it's not unheard of.

[Anonymous]

$100/paycheck for #1 (6 yrs old)
$50/paycheck for #2 (19 months)

26 pay periods. Will increase both by $25 annually. It's all we can do right now, once my loans are paid off I'll have more $$ to throw their way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Side note
I remember asking one of my co-workers about 529 plan for her two kids.
And she said her and DH weren't paying for their college.

While sipping on Starbucks in her matching burberry boots and bags.
I said well at least you know your priorities, LOL.

Some people feel that it is better for kids to pay or borrow their own way. That they'll appreciate it more, or learn self reliance, or whatever.

Selfish parents, probably white

I am white and saving for my son's college is my top priority outside of my 401K. I don't even have a substantial emergency fund. So why don't you STFU!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To the PP, that's awesome.

Side note
I remember asking one of my co-workers about 529 plan for her two kids.
And she said her and DH weren't paying for their college.

While sipping on Starbucks in her matching burberry boots and bags.
I said well at least you know your priorities, LOL.

Anonymous wrote:OP here: good for you PP! This is something to aspire to!!

Wow, that is sad....

Yup. A lot of selfish parents out there. I get teaching kids responsibility and all. But not saving a dime for them these days is just wrong. I know too many people college debt in the 6 digits and they are so stressed.

It's possible that they are house poor, YET will have their mortgage paid off when their kids are nearing college, and will use that money to supplement college then.

I know a couple of families that are doing that. Even the most financially secure and savvy folks don't have 529's, it's not unheard of.

The cost of a child born today to go to a four year university (use VA Tech as an example) will cost around 200K and this is just for undergrad. It makes sense to start now. You get a tax incentive as well. And to these house poor families, the minimum contribution is $25 per month. So give me a break.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To the PP, that's awesome.

Side note
I remember asking one of my co-workers about 529 plan for her two kids.
And she said her and DH weren't paying for their college.

While sipping on Starbucks in her matching burberry boots and bags.
I said well at least you know your priorities, LOL.

Anonymous wrote:OP here: good for you PP! This is something to aspire to!!

Wow, that is sad....

Yup. A lot of selfish parents out there. I get teaching kids responsibility and all. But not saving a dime for them these days is just wrong. I know too many people college debt in the 6 digits and they are so stressed.

It's possible that they are house poor, YET will have their mortgage paid off when their kids are nearing college, and will use that money to supplement college then.

I know a couple of families that are doing that. Even the most financially secure and savvy folks don't have 529's, it's not unheard of.

The cost of a child born today to go to a four year university (use VA Tech as an example) will cost around 200K and this is just for undergrad. It makes sense to start now. You get a tax incentive as well. And to these house poor families, the minimum contribution is $25 per month. So give me a break.

Who are you fighting with? Jeez, who pissed in your cheerios this morning. What do you care what others do.