Reply to I’m really surprised how many people don’t save for college

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Ok, so I guess I’m ‘one of those people’. I’m a single parent that’s made 200+ since my kids were born. I save $1,500 per child per month and - guess what - that’s still not enough.

Why? Why, you ask? Why am I not saving more? Because I want to retire at 62. I want to live in a modest house and travel internationally. I want to support my kids in their (expensive) activities. I want them to live independently at an amazing camp in Maine 4 weeks every summer so they can meet people outside our suburban town. I want to enjoy dinners out with them, and theatre, and fun days at the spa.

So yes, op. My measly $1,500 will not be sufficient and we will not qualify for financial aid. But you know what? I was raised with a work ethic that allowed me to pay off 6 figure debt. This is not what I want my kids to face, but if they do, I’d like to think they have the work ethic and possibly my support to pay it off. [/quote]

Ummm...so I don't think the OP is talking about someone saving $18K per year per kid.  [/quote]

+1 you should have a minimum of 400 K if this money is in an interest-bearing account[/quote]

I was thinking the same. We make under $140k but started saving when kids were 10 and 8. $100/mo and occasional larger chunks ($500-1000) when we have the money. This includes some of their earnings too.

We are hoping to save enough for $40k/yr coa. They should each have about 80-120k by start of college in 529, and we will still have some time to save/pay for jr/sr yr. 1st got need aid at CSS school.  2nd will need to do the same or get significant merit or go instate.[/quote]

You get less aid if you saved up money for college[/quote]

A family that makes $140,000 a year (and chances are that they’ll make more by the time the kids are actually applying to college) is not getting financial aid (unless the kid gets into Harvard, and good luck with that). [/quote]

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