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Reply to "Tips for saving for college? How much to do you put into your kids college savings acct?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I love the helpful advice like have fewer kids. Might as well say, live in the past when college was cheaper. We also have four kids and we approach it like anything else in parenting--do the best you can and realize you can't do it all. No one can predict the future but we've been told that college will be about $200k for in-state tuition, room, and board when our preschoolers are ready to enroll. So our goal is to have $100k for each of them to cover half, pay for another 1/4 while they're in school, and let them pay for 1/4. Maybe we'll even get lucky and one or more of them will receive a scholarship. Who knows, although we obviously can't count on it. There's a lot more that goes into having kids and being a part of a family than paying for college. It's an important part of the big picture, but it's not everything. So keep going on vacations with your family and enjoy your time together, just try to be reasonable about it. [/quote] This person ^ said it perfectly. He or she should host their own talk show.[/quote] +1 very well said. I also have four kids and I started 529 for them immediately after they were born. They are now 17, 15, 13 and 7. The seventeen year old will have about 300k in 529 when she turns 18. The same goes for the 15, 13 and 7 years old. I also got very lucky that I invested 50k in 1997 in Apple Stock that I've kept since but I dont' think they will need it.[/quote] Classic!!! OP: I'm struggling to save for my 4 kids college, what advice do you have? Poster: Each of my four kids will have $300K for college, and I have a ton of other money if they need some. My advice is you should have bought Apply stock back in 1997. Love it! :D [/quote] The thing is, as bad as that guy's response is, there's really no good reply. there's no secret sauce or trick to saving for college. You budget, make sacrifices, and do whatever you can reasonably do to save up some money. Or you don't. You make it a priority. Or you don't. Of course, it's not easy for most to find extra money. Life is full of tradeoffs. Show me your budget and I'll show you your priorities.[/quote] Not PP, but believe it or not, there are so many families that have very little left over once they fulfill the priorities of keeping everyone fed, clothed, and sheltered. Not everyone has fancy cars, vacations, or cable to cut, because they never had them in the first place. It’s just crazy how costs have risen even in the last 20 years- the cost to attend my alma mater (tuition + room/board) has DOUBLED since I attended in the late 90s.[/quote] Given how much taxpayer money goes to universities, we should regulate some kind of "rent control" -- tuition shouldnt be allowed to increase more than inflation. Perhaps then schools would learn how to manage a budget and not simply spend, waste and charge more.[/quote] +1. Was on a few college tours with my nephew and everything is so "fancy" now.[/quote] It.is.insane. how is it OK to have these grand buildings and grounds?? My niece just went to college in Germany for a year and over there it is nearly free and BARE BONES. guess what? She got a great education over there despite not having a classroom in a building that coat 85M to build.[/quote] It's quite simple. The federal government turned on the spigot for student loans. Combined with an influx of foreign students that are willing to pay full freight. Under other circumstances, supply and demand would have kept costs in check. Now that a couple of generations of students have graduated and realized that loans have to be repaid, we're trying to stuff the genie back into the bottle, and it's going to be painful for both students and the colleges. The irony is that Sens. Warren and Sanders think paying offf everyone's loans and pouring more government $$ into colleges will fix the problem. [/quote]
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