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Reply to "Future college costs - what am I missing?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You're not missing anything. College costs are rising at a rate that far outpaces inflation, and have been doing so for quite some time. Plan for her to go to school in-state and either increase your monthly contribution, or plan to pay for the last year out-of-pocket from future current earnings.[/quote] Bro the child is 5 months old, they are starting with $30k and saving $600 per month. I think in 17 years they will have enough for college lol[/quote] Correct…OP doesn’t say what state, but UMD in state total cost of attendance right now is $30k. Let’s say it’s $60k in 18 years…that’s $240k. $7200 * 18 =$129,600.00 + $30,000 =$159,600.00. If you just put the money in govt treasury options at 5% you will be well above $240k. [/quote]
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