Reply to Parents of little kids: What are your college savings goals?

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[quote=Anonymous]DW and I disagree somewhat on the priority of saving for college. I think it's last priority after retirement savings and making sure we have a decent emergency cushion.

HHI is about $280/yr. 3 year old and 6 year old in public school. $650K mortgage. About $600K in 401ks, $60K in liquid/emergency funds. Only other debt is about $20K in student loans that are very low rate (2%) that will be done in a few more years.

The debate is: should we be aspiring to cover all of those future college costs? Where we've settled for the time being is 50% of out of state tuition for both kids - which equates to $750/month right now. Planning to increase that by about 2-3% a year going forward. We can't predict now what kind of scholarships or grants kids may be eligible for, and innumerable college calculators have given us pretty different answers, so 50% seemed an OK compromise.

What is everyone trying to get done? 100% coverage for college for their kids? Private university rates with inflation? Out of state public tuition? [/quote]

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