Reply to How much do you put into your kids' 529 (college fund) annually?

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[quote=Anonymous][quote=Anonymous]We put in $150/month for each child (2). My parents just added 10K to each - one time only. Our favorite joke is "whichever kid is the most motivated gets college, everyone else fends for themselves." :-) In truth, we have 5 rental properties which will be paid off just around the time our first hits his sophomore or junior year. So we will be able to cash-flow at that point, and will use whatever we've saved to get him through his first year or two.

I will NEVER pay for a private college degree for either of them. A good state school is more than enough for every kid to enjoy smoking pot and occasionally attending class. I also have no intention of sending them the first year after high school - if they want the cash, they're going to have to spend a few years growing up somewhere in some kind of service program or military service. Then we will gladly send them to somewhere like Indiana University (my school) or Maryland or somewhere decent, all expenses paid. I will NEVER saddle them with the yoke of student loans. My little cousin just finished pursuing a standard degree at Bates college and now has $150,000 in student loans with a $35,000 salary. It's an abomination.

Getting off soapbox.[/quote]

Not completely sure where I stand on these issues yet.  Was raised that parents should pay for whatever school the kid can get into.  But your example is chilling.  $150k for a good but not great school and no prospects of a salary large enough to pay it off.  It is an abomination.[/quote]

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