Reply to Tips for saving for college? How much to do you put into your kids college savings acct?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m mystified, op. How have you gotten to a point where you have 4 kids and only now thinking of college.

How much do you make? How much do you want to fund? What is your overall budget?

We’ve got two kids, make $240 and save $700 per month per kid. We will probably bump up to the $14k each year. But I’m not really sure how that’s going to help you. [/quote]

It's not that I didn't think @ it. We have 4 529s.  I think the issue is that I redid the math and realize I could use $500k ++  in college savings and realize I might have $200k.  It's a little late now to 'have less kids' Frankly, [b]I paid for my own college and my husband paid half of his - so the backup plan is they need to get a scholarship or a loan.  We do ok (not DCMUM wealthy/ upper class but ok). The younger ones are pretty young, early elem so I have time to save[/b].  Also there is an investment factor here. I don't know my 529 is making an adequate return.  Should I ditch and manage the money myself?

Also note - every person I know of (not that few since my kids aren't that old) seem to be like - I'm scraping by now bc I'm putting kids through college.  So it seems like a lot of ppl don't have it all saved? 
[/quote]

So did most of us.  The problem for you is that the market has changed dramatically.  The cost of education has far outpaced inflation.  Even in-state institutions are around $35K a year and privates are heading towards $80K a year.  Merit money has dried up at the top ranking schools (because they don't need to offer it to get the class they want).  You can't count on merit money.  You can't count on summer jobs even making a dent towards what you may want to pay.  Do you have a fiinancial counselor you can talk to?[/quote]

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