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[quote=Anonymous]We will have about $150K saved for each kid by the time they start college. We saved about $2,000 a year each when they were little and we made about $200K HHI, increased to about $5000 a year (each) when the older one started elementary and our income was about $250K, and bumped it up to $10,000 a year each when they were both in public school and our income went up to about $300K.  However, $150K works out to less than $40K a year which won't cover private college. Assuming we can continue to kick in what we are saving now, it's more like $50K a year, but still not enough. I assume we are looking at in-state -- we live in VA, so plenty of options -- but if either kid gets into a top SLAC or Ivy and wants to attend, we would take a home equity loan. We chose to live in a smaller house that would could finance with a 15-year mortgage and we will have it almost paid off by the time they start college, so lots of equity. It wouldn't be hard for us to borrow $100-200K against the house and then pay that off before retirement--once the kids are out of college we should have lots more disposable income--plus we could take the mortgage deduction for it. We wouldn't do that just to send them to a lower-ranked OOS school. [/quote]

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