How much to fund 529?

[Anonymous]

I came here as an international student and I went to a state college. I am very pleased with the education I received. I went to a small college that many of you probably never heard off. The college is called Wichita State University. I didn't want to study Aerospace engineering but Wichita has an incredible good AE program and since I just wanted to be an engineer I went for AE. And it is still a great program 10 years after I graduated.

The point I want to make is that for a great education money should not stop you if you can afford it. I don't have an issue with wealthy people spending $100k per year for their child. In my opinion, if you can afford a service without going into debt, it's not expensive and ROI is pointless.

If you look hard enough, you won't have to attend a community college. This country is blessed with so many institutions, many of which are very affordable especially in the South.

My only advice if you have a child starting college help them find an internship after their freshman year and every year thereafter. They will be set apart, even in this economy.

Good luck to everyone.

[Anonymous]

Anonymous wrote:ROI is not a concept that should be considered for college. Different people can pay different amounts. It is about their future not just their earnings future. There are lots of things that work from state schools to privates. Lots of ways to get there.

Agree with most of this. However, if you don't readily have the funds available, you should not go into major debt for college. By that I mean you should have saved enough and also be adequately saving for retirement already before you pay for a 90K/year education. Because your kid will be much better off not having debt (and having parents who can afford to retire without needing their kid's assistance) and attending State University Honors program or a great private school that gives merit, than spending money you don't really have.

People need to realize that anybody can attend a good 4 year school for under $30-35K. They exist at all levels, however if your kid is a 1400/3.8UW student, that might mean a school ranked "60+". They might get into one ranked 30-50, but most likely won't receive much merit.

There will be affordable state schools they can get into as well. And plenty of OOS schools that are great and will offer good merit.
You simply have to search for it, and realize it likely isn't going to be their "reach school". But don't go into major debt, it's not worth it.

Now, if parents have budgeted and saved and have $70K/year already saved then yes, you can afford a $90K/year school, because the kid can help with $10K, then $5K in loans and the parent can cash flow 5K. But if you only have $30K/year saved and cannot easily cash flow $50K+, then find a great school that wants you and is affordable.

Much easier to live at age 22 when making $75-80K (if lucky) when you don't have massive loan payments

[Anonymous]

Anonymous wrote:I came here as an international student and I went to a state college. I am very pleased with the education I received. I went to a small college that many of you probably never heard off. The college is called Wichita State University. I didn't want to study Aerospace engineering but Wichita has an incredible good AE program and since I just wanted to be an engineer I went for AE. And it is still a great program 10 years after I graduated.

The point I want to make is that for a great education money should not stop you if you can afford it. I don't have an issue with wealthy people spending $100k per year for their child. In my opinion, if you can afford a service without going into debt, it's not expensive and ROI is pointless.

If you look hard enough, you won't have to attend a community college. This country is blessed with so many institutions, many of which are very affordable especially in the South.

My only advice if you have a child starting college help them find an internship after their freshman year and every year thereafter. They will be set apart, even in this economy.

Good luck to everyone.

Thank you for this helpful and very friendly post. It's refreshing after all the boasting and insults on the rest of the thread. (Which just makes me think that if those are the type of people that Harvard/Stanford/Princeton produce, then my money would not be well spent.)

[Anonymous]

we saved less and i now have one in college and one in 10th grade and it’s overfunded. My son got merit money up front and then got MORE money while in school. We now only pay for housing and food. The published indirect cost of attendance for my kid is 19k so that’s all i can annually claim from my 529 for reimbursement. i suspect both will end up with either money for grad school or they will take the roth allowance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The good colleges cost $100k a year. You are barely half way and only have a few years left. You are behind.

Keep putting money in the account!

I didn't have a 529. My son got into a Top 20 college. It costs around $60k per year. I contribute $24k, he takes $6k in student loans and the school gives him a $30k scholarship per year

Some of you are just insane spending all these money for a 4 years degree. Crazy.

Are you guys aware that universities provide scholarships? Just checking

Ivy league schools do not provide merit scholarships, only need-based aid. And if we don't fall under the need based thresholds, we're paying the full freight.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our kids are on the other end. One of them went to a $90k+ school, the other received merrit aid at a less expensive school, and used the balance for grad school.

There's no such thing as too much, because you can always change the beneficiary - keep it your kid's name until they have kids - now you're funding generational wealth

Not everyone wants to do that. In fact, most people don't.

I suppose. Most people – such as yourself – are selfish and lazy and would rather buy themselves a mid-life crisis mobile or Mediterranean cruise than fund their grandchildren’s education.

It’s not being lazy, it’s setting expectations.
If you invest so much money in your kids' education and they still rely on you to pay for their own kids' schooling, then you've really messed up. After all that college funding, if your kids can't land jobs that enable them to support their children, then they are failures, and that reflects on you too.

[Anonymous]

Anonymous wrote:ROI is not a concept that should be considered for college. Different people can pay different amounts. It is about their future not just their earnings future. There are lots of things that work from state schools to privates. Lots of ways to get there.

I completely disagree. It's essential to consider ROI. A lot of people in this country are struggling financially because they waste a huge amount of money on tuition for degrees that lead to unemployment or low-paying jobs.

College should be seen as an investment, not a hobby.

[Anonymous]

We have about 75k/per kid (8th and 10th) in 529 but investment accounts for each with 170/200k in them.

Oldest child is a poor student, with adhd, and will probably not be ready for college at 18, a good candidate to do community college and transition. Youngest is a star student and will hopefully get merit scholarship. Either way, we feel that having money in more flexible account will help them in life--to invest in college, grad school, housing or the like.