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][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]

If you are able to save this much you should be able to pay part of the costs in cash [/quote]

Sure, but not the full predicted delta. Take my UVA example, out of state predicted to be at $489k for my youngest. That leaves us $139k to cover. I can come closer from cash flow, but am probably still going to be negative $40-$50k and that’s not even thinking about privates…

The predicted closets are mind-boggling. My entire college and grad school bill wasn’t $139k. [/quote]

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