How much should you contribute per month to 529 plan?

[Anonymous]

We have 3 kids: 11, 9, and 7. We have about 35k in each of their 529 plans. How much should we start contributing now if we want to be able to pay as much of their college as we can?

[Anonymous]

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.

[Anonymous]

Anonymous wrote:We have 3 kids: 11, 9, and 7. We have about 35k in each of their 529 plans. How much should we start contributing now if we want to be able to pay as much of their college as we can?

Go to savingforcollege.com and plug your numbers in their calculator.

[Anonymous]

$650 per kid per month.

[Anonymous]

Anonymous wrote:We have 3 kids: 11, 9, and 7. We have about 35k in each of their 529 plans. How much should we start contributing now if we want to be able to pay as much of their college as we can?

If this is what you want, then you should probably contribute as much as you can.

[Anonymous]

Anonymous wrote:$650 per kid per month.

OP here: Thanks for this number.

[Anonymous]

Anonymous wrote:We have 3 kids: 11, 9, and 7. We have about 35k in each of their 529 plans. How much should we start contributing now if we want to be able to pay as much of their college as we can?

We have 3 kids ages 15,13, 11. We have $280K saved. We are saving $1750 per month.

[Anonymous]

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

[Anonymous]

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!!

[Anonymous]

NP: I have a 3 year old and contribute 6k per year, I think 8k would be way better, but has not worked out so far. I certainly do not want to restrict DC to state schools because of their lower fees.

[Anonymous]

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....

[Anonymous]

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.

[Anonymous]

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 find this very helpful, thank you.

[Anonymous]

Just remember not to sacrifice your retirement savings.

[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....

What is sad?? Don't get it.