Future college costs - what am I missing?

[Anonymous]

Anonymous wrote:[img]

Anonymous wrote:OP, my child is in college NOW and all I have in her 529 is about $40,000.

We are managing. She's borrowing $5000 per year, and earning another $5000 from her summer job that she contributes. That's $10,000.

I take $10,000 from the 529.

And I cash flow $10,000 (about $1,000 per month).

That's $30,000 for the year which covers her out of state tuition, room and board, more or less. (she has a merit scholarship bringing cost of attendance close to in-state.)

So I cannot comprehend how you won't be in a MUCH better position if you already have $30K in your kid's 529 AND you are contributing $7200 annually?

With AI and abolishing of Dept of Ed, no more Federal loans and no more cash flow from parents who are laid off at 50 and never find another job. It’s okay because college won’t be worth it because no jobs.

i work with FSA and nobody is abolishing federal loans.

[Anonymous]

Anonymous wrote:You'll be earning a lot more in 18 years, so you cash flow the 4th year, and keep saving during the first 3

This is what we’re ending up doing. One kid in college and another a junior in HS. We have a little over $300K saved for each. The last year will be paid from savings, not from the 529. In hindsight, I wish we had put a little more into the 529 so everything was covered, but we thought college would be closer to the $300-350 range, not the $400 it’s turning out to be.