Reply to If your HHI is between 200-300k, how much will you have saved for college

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If we assume a 6% rate of return and an increase in costs of 5% per year like the calculators say, we will have $275k for our oldest and $350k for our youngest based on current balance and savings rate.

Neither of those amounts would come close to being able to full pay at a private school. We live in DC so no instate option and many of the really good state flagships are in the mid $50s to high $60s with room and board today…we’d be highly short of schools comparable to UVA.

The younger will have more because we upped our rate of savings when the youngest was 4 and the oldest was 9, so the youngest will have many more years to benefit from that (coinciding with the end of daycare which freed up $2k a month in our budget).  We currently save $1000/month/child. Prior to about a year and a half ago we saved $4k/year/child. [/quote]

$350 is crazy. Most people aren’t paying this much for college. [/quote]

My youngest kid won’t enter college for 12 years. Many privates currently run close to $80k a year and top state flagships run an average of $60k. That’s $320 or $240 at today’s prices. The $350 we will have in 12 years won’t come close with rising costs unless something drastically changes for college pricing given that’s close to what people are paying today. [/quote]

Smart planning on your part.  Assuming your income is high enough your kid will not get any Financial aide, it seems ridiculous that parents do not want to plan and save.  At a minimum, if you can afford it, you should save for the state schools, which will be $50K+/year in a decade if not more.

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