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College and University Discussion
Reply to "Affording College"
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[quote=Anonymous]OP, We did: 1) in-state college with small merit scholarship OR out-of-state college that offered a good scholarship for strong students. Tuition, room and board around $27,000-$30,000 per year. 2) $10,000 per year from the 529. 3) Students took student loans each year ($5,500 to $7,500) 4) Student earned $5,000 each summer 5) $1,000 per month from cashflow = $12,000 annually. 6) If necessary, stopped contribiting to 403b OR take from our own (not 529) savings to make up the rest. (when both were in schoo lthe same year). Example: Freshman year: $10,000 (529) + $5,500 (student loan) + $5,000 (student job) + $12,000 (cashflow) = $32,500 Once the second child finishes college I'll help the first one pay off his student loans. [/quote]
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