Reply to How much to save for college - child is in 10th grade

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[quote=Anonymous]Because college inflation is slowing at the highest end, let's  just say that if you want to be able to pay absolute full freight at whatever college your 10th grader wants and they happen to want the most expensive institution, it still will probably not cost more 300k for all expenses for 4 years.  Our planning is that we predict that growth/interest will equal out college inflation.

At your current savings rate, you'll be able to cash flow about 15K.  You'll also not have the expenses of that child at home much of the time.  Let's make that 5k.  So 20k per year is covered.  You'll probably have some salary increases and be able to save more, but let's pretend those are matched by inflation so keep it the same.

So you want total amount needed saved before school starts is 220k.  You're at 175K.  Since you have 2.5 years left, you should save $1500/mo until they go to college if you want to hit the mark of fully funding a 75k/yr college.   OR just put a slight limit on what you're willing to fund--like your kid needs to get a job and pay a little, or go to a school where they can get some merit aid, go to an in-state public.[/quote]

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