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Reply to "Paying for and saving for college - how do UMC people do it?"

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[quote=Anonymous]Not a news flash, but tuition costs are staggering. Do most people apply for and get financial aid, unless they are truly rich?

Spouse and I make about $320,000 per year with about $400,000 equity on a nice four-bedroom suburban home which we bought 10 years ago.
Kids are 12 and 7. We have $30,000 in the 12-year-old's college savings account and $15,000 in the younger one's account.

We've been prioritizing, on our planner's advice, saving for retirement, and we have about $800,000 combined there. We're 43. Thankfully done paying for daycare and do not pay for school now - both kids are in public.

FIL will likely contribute some money toward college but certainly isn't funding their educations. We consider ourselves comfortable enough but certainly need to work and certainly don't have a slush fund to draw from for college.

How do more-or-less regular people do it? I worry that we make too much for aid, but we don't have enough money to have oodles of money for college! I would appreciate any "how to do it" posts.

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