OP here. Thank you so much for everyone's advice!!!

You can only do so much as you said. I have 10 years to go and have calculated that even with $300 a month, we will be able to pay for 2 years only.I hope he goes to Community College first as I don't see the point of paying $30k for 2 years to take general education courses.

It really pissed me off as a college student that work study was included as "financial aid." How did they think I was going to get the money to pay for the portion I didn't get financial aid on? By working. They just counted the money twice. I think the trend has been away from colleges doing this, though.

Remember that your child will most likely receive some kind of scholarship. Most schools will throw out $5-10k. After freshman year in the dorms, plan to move them off campus. Room and board is almost half of annual tuition fees. I lived in an apartment with 3 other girls and paid something like $400 including utilities. Work-study is another option for your child to fund some of their education while earning their fun money. Don't make the mistake of looking at the maximum sticker cost and thinking that's what you'll have to cover. If you look at the tuition calculator at the state flagship school, you can see what you pay beyond tuition and what you can adjust a bit and get a better idea of what the cost will be.

Anonymous wrote:http://www.savingforcollege.com/college-savings-calculator/

Sorry, OP, but I don't think you are in track yet.

This calculator is useful, but only if you've separately projected how much you think you'll need to pay for college. It defaults to $25,000 annually, which strikes me as a particularly random number.

If OP is paying half of tuition only, the average tuition charge for in state public right now is a little under $9,000. Even with tuition increases over the next 8 years, OP should come relatively close to that goal. If OP wants to pay living expenses, or the kid goes to an above average cost school, OP is probably still quite a ways away.

http://www.savingforcollege.com/college-savings-calculator/

Sorry, OP, but I don't think you are in track yet.

Funding, not finding college.

There are compound interest calculators out there that will estimate the earnings for you. I think $150 is pretty good.


Just FYI: I've heard a good way to think about finding college is doing it in thirds. Save a third, pay a third as you go, and get a third in loans. Makes it more manageable.

Anonymous wrote:A very rough guess is that if your child goes to an average cost in state school you will come fairly close to meeting your goal of paying for 50% of the tuition. Average cost out of state school you will be able to pay for less than 25%. Average cost private university. . . You don't want to know.

Thank you!

A very rough guess is that if your child goes to an average cost in state school you will come fairly close to meeting your goal of paying for 50% of the tuition. Average cost out of state school you will be able to pay for less than 25%. Average cost private university. . . You don't want to know.

I don't have access to an accountant so of course would love some advice here. My DC will enter college in 8 short years and I want to help that along. Not pay for the whole thing but hoping to at least pay for half of a state school. I am so worried about school being so ridiculously expensive. And he's not my only kid! All I can really afford is $150 a month, but over 8 years will that be enough? I am investing in the DC 529, using there suggestion of how old the child is relative to when they will need it. Don't have any skills in the stock market, so thought that was the safest way to go for what I can handle. I am already maxed out at work with matching for our own retirement, and don't think taking money out from ours to pay for our kids college is the way to go for us. Any and I mean any helpful advice much appreciated.