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Reply to "Savings - screened porch v college?"
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[quote=Anonymous]A couple of thoughts - your HYSA isn't actually yielding the stated interest rate because you will also have to pay taxes on the interest you earn. So your return there might not be as high as you think it is, and it may not be much more than just paying off the car if you already have the cash on hand. Second, the FAFSA changed recently to no longer take into consideration families that have more than one kid in college at a time. It looks like you'll have a couple of years where you have two kids in college at the same time, and you won't get a discount anymore because of it. Have you factored that into your plans to pay for college? As other have pointed out, the amount of extra cash that you'll have on hand won't actually be 43K because of taxes and insurance, so you could be looking at only having an additional 30K /year if your mortgage is fully paid off. Any additional debt is going to eat up the cash you have available to fund college out of pocket. [/quote]
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