“Fully Funded College”

[Anonymous]

Most people underestimate cost.

Amherst this fall is around 90k

Fordham, GWU, Georgetown and Syracuse all around 80k

Most college raise 3 percent a year. Do the math.

And guess what kids like to go away to school and a lot refuse to apply in state.

GWU tuition alone is 52k so even a kid living at home has it paid off.

I expect to pay around 160k a kid for my share. The average person three kids will need around 500k saved minimum. And that is cheaper schools with Merit aid and kid working summers

If kids go top notch schools you need one million three kids.

[Anonymous]

Anonymous wrote:In state tuition and room and board for four years.

This. We have the prepaid plan and will pay room and board from HHI. There’s no way we could afford to fully fund private or even out of state unfortunately.

[Anonymous]

Anonymous wrote:For me, it means $260k invested in Coverdell and 529 plans for my 12 year old DD. Plus, we contribute $5k a year. That should be enough for full pay just about anywhere she would like to go.

How did you manage to get 260k into a Coverdell in 12 years? I thought the contribution limit was 2k/year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For me, it means $260k invested in Coverdell and 529 plans for my 12 year old DD. Plus, we contribute $5k a year. That should be enough for full pay just about anywhere she would like to go.

How did you manage to get 260k into a Coverdell in 12 years? I thought the contribution limit was 2k/year.

I think they meant in Coverdell AND 529 combined reaches 260k.

[Anonymous]

Anonymous wrote:Most people underestimate cost.

Amherst this fall is around 90k

Fordham, GWU, Georgetown and Syracuse all around 80k

Most college raise 3 percent a year. Do the math.

And guess what kids like to go away to school and a lot refuse to apply in state.

GWU tuition alone is 52k so even a kid living at home has it paid off.

I expect to pay around 160k a kid for my share. The average person three kids will need around 500k saved minimum. And that is cheaper schools with Merit aid and kid working summers

If kids go top notch schools you need one million three kids.

Not the smart kids.

[Anonymous]

What it means to us is being able to do the single pre-payment program at an Ivy. Its something the private schools offer to lock-in tuition for four years if you're able to drop $225k+ in September of freshman year. You save whatever the tuition inflation is over 4 years which is always much higher than money market interest. The remaining costs - room and board, lab fees, books, and spending money - can easily come out of current income.

[Anonymous]

Anonymous wrote:We will cover the tuition and room and board at an in-state school or an equivalent priced school - maybe slightly more for the right place. For now, I estimate we can cover approximately $35K per year for our current 10th grader.

We have $125K saved up in his 529 plan plus we plan to pay $4K out of pocket per year to take advantage of the American Opportunity Tax Credit. If a school is slightly more, and there's a good reason for him to go there, then we will pay from our regular savings/income.

This is our plan as well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have Irish twins. One just finished his freshman year at UVA and the other is going to William and Mary in the fall. I drilled it in my kids heads that we expected them to go to state schools because that is what we saved for. We did the 529 prepaid for each and have 100k in the invest for both to split. So far I have not had to touch the invest and thankfully didnt in 2017 or thr first half of 2018 as had the money in growth funds. Any extra that is needed will come out of pocket.

I had planned for state schools as well but my son got in to Princeton. The school will provide some support, thankfully, but not enough to offset the difference. We will find a way for him to go there.

Awesome Parents!!!!!!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have Irish twins. One just finished his freshman year at UVA and the other is going to William and Mary in the fall. I drilled it in my kids heads that we expected them to go to state schools because that is what we saved for. We did the 529 prepaid for each and have 100k in the invest for both to split. So far I have not had to touch the invest and thankfully didnt in 2017 or thr first half of 2018 as had the money in growth funds. Any extra that is needed will come out of pocket.

I had planned for state schools as well but my son got in to Princeton. The school will provide some support, thankfully, but not enough to offset the difference. We will find a way for him to go there.

Awesome Parents!!!!!!!

Or, wealthy parents or family.

[Anonymous]

Anonymous wrote:Most people underestimate cost.

Amherst this fall is around 90k

Fordham, GWU, Georgetown and Syracuse all around 80k

Most college raise 3 percent a year. Do the math.

And guess what kids like to go away to school and a lot refuse to apply in state.

GWU tuition alone is 52k so even a kid living at home has it paid off.

I expect to pay around 160k a kid for my share. The average person three kids will need around 500k saved minimum. And that is cheaper schools with Merit aid and kid working summers

If kids go top notch schools you need one million three kids.

100% of kids become “in state” of whatever state they are attending in their second year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have Irish twins. One just finished his freshman year at UVA and the other is going to William and Mary in the fall. I drilled it in my kids heads that we expected them to go to state schools because that is what we saved for. We did the 529 prepaid for each and have 100k in the invest for both to split. So far I have not had to touch the invest and thankfully didnt in 2017 or thr first half of 2018 as had the money in growth funds. Any extra that is needed will come out of pocket.

I had planned for state schools as well but my son got in to Princeton. The school will provide some support, thankfully, but not enough to offset the difference. We will find a way for him to go there.

If that poster lives in Northern Virginia and her kids are in UVA and WM, I bet her kids could have gotten into Princeton too. One of the biggest benefits of Virginia schools is the enormous network and job opportunities here in NOVA. I've seen it at my work with VT in particular.

[Anonymous]

Anonymous wrote:I see a lot of people reporting their children college is already fully funded.
How much money do people mean exactly? Full instate tuition, Fully out of state tuition, full cost of attendance (including room/board)?

For us it means full cost of attendance. First we purchased in state tuition in VA and then funded the 529s to an estimate of what R&B and other expenses would be. Then we "allocated" the ROTH contributions and other non-educational accounts as "overflow" savings in case they went out of state. We managed to save enough in the non-educational accounts to cover out of state costs elsewhere. If one or both ended up attending a more expensive school, the plan was for me to go back to work to fill in the gap. We considered the VA prepaid tuition as equivalent to bonds, so we were able to be more risky on the other investments.

In the end, one went out of state and the other went to an expensive private school, also out of state but received a decently sized scholarship. Both are currently in college and their all in costs are $40k-$45k each - depending on the year. One is in engineering and attends a school that fits better than VATech and happens to be higher ranked. The other is majoring in theoretical physics/math theory and Virginia state schools do not stack up well for physics majors.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have Irish twins. One just finished his freshman year at UVA and the other is going to William and Mary in the fall. I drilled it in my kids heads that we expected them to go to state schools because that is what we saved for. We did the 529 prepaid for each and have 100k in the invest for both to split. So far I have not had to touch the invest and thankfully didnt in 2017 or thr first half of 2018 as had the money in growth funds. Any extra that is needed will come out of pocket.

I had planned for state schools as well but my son got in to Princeton. The school will provide some support, thankfully, but not enough to offset the difference. We will find a way for him to go there.

If that poster lives in Northern Virginia and her kids are in UVA and WM, I bet her kids could have gotten into Princeton too. One of the biggest benefits of Virginia schools is the enormous network and job opportunities here in NOVA. I've seen it at my work with VT in particular.

Probably not. At our DCs' NOVA HS, about 50 students end up going to UVA or W&M. They need to be in the top 10% to get in either one. They have to be in the top .1% to get into Princeton.

Congrats to the other PP's son, who got into Princeton- well done!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Most people underestimate cost.

Amherst this fall is around 90k

Fordham, GWU, Georgetown and Syracuse all around 80k

Most college raise 3 percent a year. Do the math.

And guess what kids like to go away to school and a lot refuse to apply in state.

GWU tuition alone is 52k so even a kid living at home has it paid off.

I expect to pay around 160k a kid for my share. The average person three kids will need around 500k saved minimum. And that is cheaper schools with Merit aid and kid working summers

If kids go top notch schools you need one million three kids.

100% of kids become “in state” of whatever state they are attending in their second year.

Nope, the vast vast majority are considered out of state for all of their undergraduate years. Most state universities have stiff requirements for transferring from out of state to in state tuition.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have Irish twins. One just finished his freshman year at UVA and the other is going to William and Mary in the fall. I drilled it in my kids heads that we expected them to go to state schools because that is what we saved for. We did the 529 prepaid for each and have 100k in the invest for both to split. So far I have not had to touch the invest and thankfully didnt in 2017 or thr first half of 2018 as had the money in growth funds. Any extra that is needed will come out of pocket.

I had planned for state schools as well but my son got in to Princeton. The school will provide some support, thankfully, but not enough to offset the difference. We will find a way for him to go there.

If that poster lives in Northern Virginia and her kids are in UVA and WM, I bet her kids could have gotten into Princeton too. One of the biggest benefits of Virginia schools is the enormous network and job opportunities here in NOVA. I've seen it at my work with VT in particular.

Probably not. At our DCs' NOVA HS, about 50 students end up going to UVA or W&M. They need to be in the top 10% to get in either one. They have to be in the top .1% to get into Princeton.

Congrats to the other PP's son, who got into Princeton- well done!

Thanks, we were amazed. He's not the class president or super jock. But he is off the charts smart and they said he wrote a brilliant essay! Princeton will provide a good chunk of the cost but we will find a way to cover the rest.