Reply to What is a "donut hole family"?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Nobody in their right mind thinks college cost increases over the past 25 years are not exorbitant.

and congress wants to put a cap on nurses pay, come on let's put some regulations around college costs.[/quote]

I don’t disagree with you, at all. But I still don’t believe there’s any such thing as a donut hole family. [/quote]

Anybody making $150K HHI will not qualify for aid, so explain to me how a family of 4 saves $400K to pay for college?

Assuming they make $70K HHI at 30 and by the time they are 45 they make $150K[/quote]

By making it their top priority and living modestly in every other possible way. If they don’t want to do that, they can use publics. [/quote]

Can you write out the budget for me?

[/quote]

This was us. We had 2 kids at 30 and 33.  Had just finished grad school and just started making a professional income (so $150k HHI).  We didn’t really save anything for college for the first 5 years of each of the kids lives except for gifts from parents (maybe $2000 per kid total at age 5?).  At 5, we put daycare dollars directly into our kids 529s (religiously put in at least $1000/mo but in later years put in more).  Assuming 6% growth, in 12 years, that would be 212K today.  Our senior’s account is something like that.  Our salaries grew into the $300k range two years ago and even then we could comfortably have sent our kid to private college.  Today we have a huge spike in salary and cash flow a decent amount but honestly it was doable since that was a financial goal we set for ourselves a long time ago.  Same story with kid #2.  [/quote]

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