Fully Funded College

[Anonymous]

I'm sure "fully funded" means different things to different people. For us, it means to cover 4 yrs of in-state tuition, fees, room& board at an in-state public and we're on track for that. My kids (now in 8th/10th) know that's their college budget. We aren't paying more and I don't want them taking loans for undergrad. If they want to go private/OOS then they need to target schools that give good merit aid to match the in-state price. My parents had the same approach with me and I've done well in life with my public U education.

[Anonymous]

We do 10k a year and hope that it will appreciate enough to become a fully funded 529.

[Anonymous]

I’m not sure what people mean by fully funded. Our financial planner advised us to not over save in a 529, so we have stopped contributing for now.

[Anonymous]

Like when people talk about retirement, I think “fully fund” (present tense) means they contribute a certain amount every year. “Fully funded” (past tense) I take to mean they have saved what they have planned to save, in full.

[Anonymous]

My oldest just started HS, and I am having a bit of sticker shock.
We will have enough in her 529 to fully pay for in state tuition and can contribute another 10-15k per year if she chooses out of state, and I had always heard "no one pays full sticker price, everyone gets something." Well, people who make what we make apparently don't get aid )or if they do it's more like 1-2k, which won't make a dent in a 60-70k tuition payment!

We won't let her go into too much debt (10-15k, sure, but more than that, NO), so she is going to have to continue to work hard to get some academic scholarships, or go instate.

[Anonymous]

Anonymous wrote:I’m not sure what people mean by fully funded. Our financial planner advised us to not over save in a 529, so we have stopped contributing for now.

Different financial goals. We fully fund the 529s to create tax-free generational wealth. Our grandchildren can use the 529 money leftover after our kids’ college and grad school costs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m not sure what people mean by fully funded. Our financial planner advised us to not over save in a 529, so we have stopped contributing for now.

Different financial goals. We fully fund the 529s to create tax-free generational wealth. Our grandchildren can use the 529 money leftover after our kids’ college and grad school costs.

Do you have grandchildren?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m not sure what people mean by fully funded. Our financial planner advised us to not over save in a 529, so we have stopped contributing for now.

Different financial goals. We fully fund the 529s to create tax-free generational wealth. Our grandchildren can use the 529 money leftover after our kids’ college and grad school costs.

Interesting idea. It has to be used for educational expenses, unless you want to pay the tax penalty on the earnings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m not sure what people mean by fully funded. Our financial planner advised us to not over save in a 529, so we have stopped contributing for now.

Different financial goals. We fully fund the 529s to create tax-free generational wealth. Our grandchildren can use the 529 money leftover after our kids’ college and grad school costs.

Interesting idea. It has to be used for educational expenses, unless you want to pay the tax penalty on the earnings.

Sure. We’re banking on grandchildren and those grandchildren having educational expenses sometime from K through grad school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m not sure what people mean by fully funded. Our financial planner advised us to not over save in a 529, so we have stopped contributing for now.

Different financial goals. We fully fund the 529s to create tax-free generational wealth. Our grandchildren can use the 529 money leftover after our kids’ college and grad school costs.

Interesting idea. It has to be used for educational expenses, unless you want to pay the tax penalty on the earnings.

Sure. We’re banking on grandchildren and those grandchildren having educational expenses sometime from K through grad school.

I don’t want to put the of grandchildren on my own kids, and I’d rather build wealth that doesn’t have strings attached, but I can see that this would be an appealing strategy. I will ask our financial adviser about it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m not sure what people mean by fully funded. Our financial planner advised us to not over save in a 529, so we have stopped contributing for now.

Different financial goals. We fully fund the 529s to create tax-free generational wealth. Our grandchildren can use the 529 money leftover after our kids’ college and grad school costs.

Interesting idea. It has to be used for educational expenses, unless you want to pay the tax penalty on the earnings.

Sure. We’re banking on grandchildren and those grandchildren having educational expenses sometime from K through grad school.

I don’t want to put the of grandchildren on my own kids, and I’d rather build wealth that doesn’t have strings attached, but I can see that this would be an appealing strategy. I will ask our financial adviser about it.

The money is that leftover after your kids have used all they need. For educational purposes, of course.

[Anonymous]

Yes, I see. We will probably not fund graduate or proefessional school.

[Anonymous]

Anonymous wrote:HHI just over 550k.

We have 2 kids 12&9. Both have Virginia prepaid tuition. We also have approx 100k sitting in invest that will presumably grow. We now only contribute a very minimal $250/mo in the invest. We consider college a done deal. Any extra will be paid out of pocket. I also hope I have raised bright children that take advantage of the VA public schools. I will consider myself a failure if they dont. Only a moron who hasn't been taught basic personal finance wouldn't go the free option. George Mason and UVA did both DH and I very well. Zero debt, great jobs, excellent local network.

On that income you can afford to pay for where ever they want to go plus graduate school. I don't get why you have so little saved. Yes, you can do very well at a state school, but different kids thrive at different schools.

We have the prepaid and about $80K, maybe more for our 9 year old. We have about $180K in income. I'm tryin for about $10K a year, usually more. We want to pay for college and graduate school. If child wants private and we can afford it we will do that. My goal is debt free.

[Anonymous]

We plan to put away about $100k per kid by the time they start college. Want them to go in state to a public school. Will get loans or pay cash for any difference.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m not sure what people mean by fully funded. Our financial planner advised us to not over save in a 529, so we have stopped contributing for now.

Different financial goals. We fully fund the 529s to create tax-free generational wealth. Our grandchildren can use the 529 money leftover after our kids’ college and grad school costs.

Interesting idea. It has to be used for educational expenses, unless you want to pay the tax penalty on the earnings.

Sure. We’re banking on grandchildren and those grandchildren having educational expenses sometime from K through grad school.

I don’t want to put the of grandchildren on my own kids, and I’d rather build wealth that doesn’t have strings attached, but I can see that this would be an appealing strategy. I will ask our financial adviser about it.

Why wouldn't you try to use a Roth IRA to build generational wealth that has no strings attached?