Reply to Future college costs - what am I missing?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, my child is in college NOW and all I have in her 529 is about $40,000.

We are managing. She's borrowing $5000 per year, and earning another $5000 from her summer job that she contributes.  That's $10,000.

I take $10,000 from the 529.

And I cash flow $10,000 (about $1,000 per month).

That's $30,000 for the year which covers her out of state tuition, room and board, more or less. (she has a merit scholarship bringing cost of attendance close to in-state.)

So I cannot comprehend how you won't be in a MUCH better position if you already have $30K in your kid's 529 AND you are contributing $7200 annually?

[/quote]

Congrats to you!  You have figured out how to "make college affordable".  Kid works, kid takes fed loans (it's not that much to pay off).  But key is you find a school that is only $30K, which outside the T40 schools is not that difficult to do.  Trust me when I say your kid will be happier with minimal debt than at a "higher ranked U"[/quote]

Thanks ... my older kid managed to get need-based financial aid from several T40 schools with good endowments, too. All in all our expected contribution was about $30,000-$40,000 at each school.[/quote]

I’m cracking up that a family qualifies for “need based aid” but also has $40k/year extra lying around. One of those things can’t be true. [/quote]

Most top 20 schools will provide 100% free tuition (not room and board) to families earning up to $200k.

Completely free to families earning up to $125k.

You can’t have tons of assets, but you can have “normal” savings of up to a couple hundred grand (and they mostly don’t look at equity in your primary home).[/quote]

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