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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I've been living inside the DCUM bubble for a long time. My first kid is going to college this fall, and I've joined a few college Facebook groups. I am absolutely gobsmacked by the lack of financial resources and acumen among most people in this country. Many parents seem to be surprised that they can't afford the college their kid got into, or are strategizing about how to take out loans for the entire 4 years.

I recognize that most of us here are privileged in one way or another. Either we are high earners, we've diligently saved for school, or we understand that you shouldn't go somewhere that you can't afford. It's insanity out there.[/quote]

Our family can full pay for our DS, but even we underestimated the cost because we didn’t think he would be attending an expensive private.  Many kids don’t start focusing on the schools they want until sophomore and even junior year (like us!) and, by then, it is too late for their families to financially plan for paying the COA.

Fortunately, we had set aside a fair amount in a 529.  It is also worth noting that financial planners don’t always understand the cost, either.  We had one tell us to cap the 529 at $200,000.

[/quote]

I wish we had capped our total 529 value at 200,000. Ours just graduated college and we have a little more than 100K available left over between our 2 accounts. Yes, this is plenty for grad school except right now DC doesn't want to go to grad school.  Yes, we could convert some to a Roth for the DC, but only $35K total, so still $65K left over.

If we had capped at 200K, we would have been within the $35K limit for the Roth.

I also recognize this is a good problem to have. [/quote]

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