Reply to FA Question: Inherited house, now worth $1M, now what?

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[quote=Anonymous]For those that say that they think their calculated parental contribution is too steep, I have a few questions.

1) When did you start to save for your child(ren)'s college?
2) How did you determine how much to save?  Did you research expected college costs?
3) When did you think your child would be college bound? How old were your children?

I'll answer for me:

1) We started before we had children because the expected costs were so large.  
2) We figured out what the expected costs for instate costs would be and saved that amount in college designated accounts and saved more in other vehicles that we could tap (eg Roth IRA, regular savings).
3) I expected them to go to college from the beginning, so it was in our plan from the beginning.

Our income is more than the OP but less than the other PPs who have posted.  We will have enough for our both our children (one is a senior and one is a sophomore in HS) to attend nearly eery school.  It will would have been extremely tight if they got $0 and both went to the Benningtons of the world- but that is not likely at this point.  Elder is applying to state schools in VA and out of VA.

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