How much are you saving for college?

[Anonymous]

Anonymous wrote:With as shitty as the economy is, I am almost positive that this is the next bubble to burst. There is no way in hell an average family can save this kind of cash with all the other drains on budgets. And then to ask our kids to start life $200K in debt for a fucking STATE school? Hell, no. It just isn't possible.

This is not about the average family. It is about the economic, social, and cultural elite, and about whether you want your children to be part of that. Now, maybe you are happy for your children to be in the underclass, scavenging through the trash for a bite to eat, or selling their bodies - their final financial recourse - to pay for the rent on their mobile home. But my 529 - fully funded at $1200/month - is buying my kids a one-way ticket to the very top, where they will parade around in furs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:With as shitty as the economy is, I am almost positive that this is the next bubble to burst. There is no way in hell an average family can save this kind of cash with all the other drains on budgets. And then to ask our kids to start life $200K in debt for a fucking STATE school? Hell, no. It just isn't possible.

This is not about the average family. It is about the economic, social, and cultural elite, and about whether you want your children to be part of that. Now, maybe you are happy for your children to be in the underclass, scavenging through the trash for a bite to eat, or selling their bodies - their final financial recourse - to pay for the rent on their mobile home. But my 529 - fully funded at $1200/month - is buying my kids a one-way ticket to the very top, where they will parade around in furs.

I'm pretty sure this is sarcasm, bit you just proved my point. Only the elite will be able to be college educated if we keep going this way. But, most people are now on their own for retirement, and health care expenses become more and more ridiculous, etc., etc. Seriously, ONLY the elite will be able to "have it all" - and what happens to the masses then? This is such an ugly scenario to even ponder, but seriously, this is the way we are headed. It's sad.

[Anonymous]

We save $200/month in a 529, but our child will also have my husband's post-911 GI bill benefits.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We save $250/PP for each child. We also put in any money the kids receive as gifts. Right now, the plan is to stop contributing when they have $50k and then save that money is something that could be used for retirement or college.

We heard this a couple places, including our FP.

I expect the $50k number to come when the kids are 5 and for the money to grow to about $80k when they are ready for college.

How old are they? 80k won't be much when my kids get there. Maybe 1 year of private or 2 of public.

Kids are 2.5 and 4.5 now. I know it likely won't be enough for four years, that is why we will be putting the money elsewhere once they have $50k. If it is needed, great, we will have access to it. If we don't need it, we can use it for our retirement or any way we see fit. We also anticipate having no mortgage when they go to school so we will have extra money each month if needed. We live in VA, so state schools, if they choose, will be a great option.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With as shitty as the economy is, I am almost positive that this is the next bubble to burst. There is no way in hell an average family can save this kind of cash with all the other drains on budgets. And then to ask our kids to start life $200K in debt for a fucking STATE school? Hell, no. It just isn't possible.

This is not about the average family. It is about the economic, social, and cultural elite, and about whether you want your children to be part of that. Now, maybe you are happy for your children to be in the underclass, scavenging through the trash for a bite to eat, or selling their bodies - their final financial recourse - to pay for the rent on their mobile home. But my 529 - fully funded at $1200/month - is buying my kids a one-way ticket to the very top, where they will parade around in furs.

I'm pretty sure this is sarcasm, bit you just proved my point. Only the elite will be able to be college educated if we keep going this way. But, most people are now on their own for retirement, and health care expenses become more and more ridiculous, etc., etc. Seriously, ONLY the elite will be able to "have it all" - and what happens to the masses then? This is such an ugly scenario to even ponder, but seriously, this is the way we are headed. It's sad.

People should do everything they can to be part of the elite.

[Anonymous]

Interesting points about capping the 529s at $50K. We have about $125K total for our three kids (ages 9, 8, and 6) and are currently putting in $500/month for each. The account for our oldest is currently at about $47K.

[Anonymous]

I've been wondering about this. My 7-year old has $110k in her 529, largely thanks to a 5-year lump-sum gift her grandparents made in 2009 that has grown a lot since then. I'm not sure whether to keep funding the 529 or just let it ride. If she goes in state it should be more than enough.

[Anonymous]

We put in $4K to a 529 a year for our almost 3 year old.

One grandparent has a 529 for her as well with somewhere around $10K in it at this point.

So that's about $22K so far. We plan to contribute until the amount between the 2 reaches $100K and then fund any excess out of pocket/additional non-529 savings.

[Anonymous]

We put in $166 per month per child (ages 6 and 8). We started this the year they were born. We're also going to put in a lump sum shortly from the sale of our old home (some equity we had built up in it).

[Anonymous]

Anonymous wrote:I've been wondering about this. My 7-year old has $110k in her 529, largely thanks to a 5-year lump-sum gift her grandparents made in 2009 that has grown a lot since then. I'm not sure whether to keep funding the 529 or just let it ride. If she goes in state it should be more than enough.

We also did a lump sum in 2009, which turned out to be excellent (though entirely unplanned) market timing.

[Anonymous]

80/month for my 3yo.