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Message
re: How much to save for kids' college tuition?
Posted on 1/3/13 at 4:59 pm to Chicken
Posted on 1/3/13 at 4:59 pm to Chicken
quote:
Otherwise, if you pull the money out for non-college tuition purposes, you pay taxes on the investment gains plus a 10% penalty.
I don't know about other state plans but La's offers more flexibility with the money:
quote:
Earnings on deposits are exempt from state and federal taxes when used to pay Qualified Higher Education Expenses, which include tuition, fees, room, board, books, supplies and equipment required for enrollment by the college.
LINK
0
Posted on 1/3/13 at 8:00 pm to Chicken
(no message)
This post was edited on 3/7/13 at 11:18 am
Posted on 1/3/13 at 8:16 pm to Chicken
Zero. They can get scholarships, jobs, and loans to understand their own value proposition.
In the meantime, I am more focused on our family finances. If the kids do really well and make the most of their opportunities, then it would be great to help out or pay for all of school - either along the way or perhaps clearing out the loans after they graduate.
If my kids want to get an art history degree from Tulane or Baylor then they are welcome to take out all of the loans and jobs they want.
In the meantime, I am more focused on our family finances. If the kids do really well and make the most of their opportunities, then it would be great to help out or pay for all of school - either along the way or perhaps clearing out the loans after they graduate.
If my kids want to get an art history degree from Tulane or Baylor then they are welcome to take out all of the loans and jobs they want.
Posted on 1/3/13 at 9:27 pm to Chicken
100k a kid
Posted on 1/3/13 at 9:44 pm to Chicken
Between my savings plan and their grandparents ( very fortunate here), we will have somewhere around 125k saved for our each of our two kids. I plan on being homest with the realities of the cost but not completely honest with the amount we have and are saving. My plan calls for a come to Jesus discussion when they reach High School to encourage grades that merit scholarships, if they decide to choose that path. I will let them know that the money saved for college can be used for such or for the beginning of their adult life both subject to our approval and the time/method of dispersement. All of this is contingent on us not needing the funds for the family.
Posted on 1/3/13 at 10:15 pm to TROLA
Glad I don't have kids. Thinking of buying 40 acres near Fort Davis, TX, to use during my time off.
Posted on 1/3/13 at 11:16 pm to Chicken
All I know is that if you use the online calculators to estimate what college (Public) will cost in 15 years, it's pretty scary.
As others have said on this board, however, the rising cost of education at 3x inflation or more is probably a bubble and unsustainable.
As others have said on this board, however, the rising cost of education at 3x inflation or more is probably a bubble and unsustainable.
Posted on 1/4/13 at 8:10 am to Chicken
quote:
If the job market continues to be stagnant for college graduates, I am not sure how these tuition rates will continue to go up.
I don't see it happening either, the problem is all the easy money available from the government through loans and grants.
I fund a 529 plan for both of my kids plus my roth will also be available if needed
Posted on 1/4/13 at 7:33 pm to Chicken
quote:I'm afraid the tuition cost will escalate exponentially in the next 10 years. A great many students realize(eventually)and their parents that they are not suited for college, usually because they have no idea what they want to do for a living. They give up and the parents are out a whole lot of money.Therefore attendance will drop and cost will go up.
If the job market continues to be stagnant for college graduates, I am not sure how these tuition rates will continue to go up.
Go with a savings plan such as 529 to get the tax deduction, give them the lowest amount of money you can get by with(tuition,books and meal ticket)and tell them to get a job.They won't like it but it will make them appreciate that degree a little more when they get it, and they will be better prepared for the real world when they graduate. Worked for me anyway.
Posted on 1/4/13 at 7:48 pm to Chicken
Save for your retirement first.
Teach them about money.
Focus on scholarship.
Teach them about money.
Focus on scholarship.
Posted on 1/4/13 at 7:55 pm to Chicken
Chicken, when my kids were born I started putting $200/month for each one into a diversified equity mutual fund as soon as I got their social security number which took about 6 weeks to get after they were born.
By the time they reached college age they had enough to pay for their undergraduate tuition and room and board at LSU.
Fortunately, they also qualified for the TOPS scholarship which ended up covering their tuition plus a little for books and lab fees. So, they each had (have) a pretty nice fund still growing for them now.
By the time they reached college age they had enough to pay for their undergraduate tuition and room and board at LSU.
Fortunately, they also qualified for the TOPS scholarship which ended up covering their tuition plus a little for books and lab fees. So, they each had (have) a pretty nice fund still growing for them now.
This post was edited on 1/4/13 at 8:03 pm
Posted on 1/4/13 at 8:59 pm to LSURussian
I just recently went through this process with a FP. They had some calculator where you gave them the age/school and they projected total cost including room and board.
For my 3 year old, LSU would project at 180-220k total for 4 years, Stanford would project at 530k.
I'm putting 800 a month into both childrens 529 just in case they do make it to Stanford
The beauty of it is any left over can be transferred to their children once they have them so if they go local, I'll end up paying my grandkids college as well.
For my 3 year old, LSU would project at 180-220k total for 4 years, Stanford would project at 530k.
I'm putting 800 a month into both childrens 529 just in case they do make it to Stanford
The beauty of it is any left over can be transferred to their children once they have them so if they go local, I'll end up paying my grandkids college as well.
Posted on 1/4/13 at 10:18 pm to LSUStjames
I plan on putting 50k into an account as soon as my kid is born. If that is not enough in 18 years, screw em
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