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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]No. It sounds to me like you overfunded. If you are very high net worth it doesn’t matter. But unless they go to the most expensive schools for undergrad and grad school I am not sure you will be able to spend this.

We had about $250k each, and my kids are now going to undergrads where they get almost free rides, so I wish we had saved less…[/quote]

But if they do go to a Top school, those are $85K+ currently.  My kid is at one.  It's 5K+ more each year.  So it will be $100K/year by the time his first kid enters college and at least $110K+ by their senior year.  They could easily use $400K+ for just undergrad.  Or they are well funded for a lower cost undergrad and all of PT/Med/Dental/Law/Professional Grad school.

But the time the younger goes to college (guessing at least 5+ years before starting), they could use up $450K+ for just undergrad.

Fact is, if you are targeting Top schools, very few give full rides.

Also, if you can fund them like this, they are likely High Income/higher net worth.  So anything left can just be passed to the grandkids.  
[/quote]

Just curious why you are capitalizing Top schools? In your mind is it an official thing?

Also, I wouldn’t count your eggs before they hatch when it comes to grandchildren. Many of the kids st these Top schools are not really breeding material.[/quote]

I don't care where the OP kids go.  No it's not an "official thing".  Just pointing out what plenty of schools (many in the T50 and beyond) currently cost and will cost in 3-8 years.  If you are not eligible for FA, many do not give much merit (at least in the "top 50").  So if you want your kid to be able to choose wherever they want to attend, you might need to be paying $100K+ in a few years.

Also, not "counting the eggs before they hatch" for Grandkids.  But we have 3 kids, and it is likely at least 1 would go on to have grand kids.  All 3 most likely will but only time will tell.  So yes keeping the extra in a 529 is a good financial plan, if you are rich.  The $50K extra in your kids account at age 22 could easily be enough for 1+ grandkid to attend college in 20+ years.  This money can be transferred easily to other family members, so it can also be used for nieces/nephews/etc. [/quote]

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