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College and University Discussion
Reply to "Paying for college costs"
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[quote=Anonymous]We saved about $40,000 in a 529 for our 2 kids. Student #1 went to state flagship with small scholarship. Year one, he lived at home due to COVID and did online classes, so tuition+fees were just about $7000 that year. Cash flowed. Year 2, lived on campus: $24,000 for the year. He took a $5,500 loan, we paid $10,500 from the 529, and parents paid $8,000 from cash flow. Year 3, lived on campus but now no more scholarship + extra tuition costs. $30,000 total. He took a $6,500 loan. We paid $12,500 from 529. We are paying $11,000 cash flow - about $1000 each month. Year 4, it will be another $30,000. He'll take a $7500 loan. We have about $15,000 left in the 529 ( depends on state of the market). We'll cash flow or pay from savings the rest, because his younger sibling will also be in college the same year. [/quote]
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