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College savings question
Posted on 11/3/15 at 12:30 am
Posted on 11/3/15 at 12:30 am
I was curious what is generally done for kids college savings. Should we plan to save 100% or should I only save a percentage and let my kids work for/borrow the rest? My current plan is to save enough for both kids that allows me to pay for up to 3 years of college plus room and board. We would expect the rest to be paid by student loans, scholarships, and jobs.
Is that sound plan to do, should I do 100% or should I even save that much to begin with?
The magic number to save I'm seeing across all of the advice articles is around 40k per child. That is a bit lower than my 3 year plan.
What is everyone else doing?
Is that sound plan to do, should I do 100% or should I even save that much to begin with?
The magic number to save I'm seeing across all of the advice articles is around 40k per child. That is a bit lower than my 3 year plan.
What is everyone else doing?
This post was edited on 11/3/15 at 4:21 am
12
Posted on 11/3/15 at 5:09 am to lsufanintexas
I think that 40k number is way too low. I'm shooting for 100k and thinking I'll still have to fund some of it from taxable accounts. 7% COA inflation is a bear.
Posted on 11/3/15 at 7:42 am to lsufanintexas
I did the college prepay plan.
Posted on 11/3/15 at 7:42 am to lsufanintexas
I plan to fund my kid's college education 100% just like my parents did for me. That 40k number seems way low, I don't think you could fund 4 years tuition, books, room and board, etc right now for 40k
Posted on 11/3/15 at 8:21 am to lsufanintexas
25% is what I'm going for.
Posted on 11/3/15 at 8:52 am to lsufanintexas
quote:
should I only save a percentage and let my kids work for/borrow the rest?
This is probably what I'll do. No kids yet though. Not sure if I'll do a certain percentage, but I'll do what I can and try to teach them to work hard and save themselves.
Posted on 11/3/15 at 9:52 am to lsufanintexas
My parents didn't help me out at all. I went to Auburn for 9 semester of in state tuition and took out student loans for every semester that covered just tuition. No fees, no books, no room and board. I graduated with a touch over 40k in debt. I worked to cover all over my other needs.
If I was you and what I will more than likely do is save what I can for my kids and what I can give them I will. My kids will know that unless they have a scholarship paying them that they will be required to work while in school.
Long story short, if you want to 100% fund 4 years of a full ride, $40k will not be anywhere close to enough.
If I was you and what I will more than likely do is save what I can for my kids and what I can give them I will. My kids will know that unless they have a scholarship paying them that they will be required to work while in school.
Long story short, if you want to 100% fund 4 years of a full ride, $40k will not be anywhere close to enough.
Posted on 11/3/15 at 9:56 am to JamalSanders
I have put 5k a year in a 529 for each kid. One is just out of diapers and the other is still in them so at some point in the future I will need to reevaluate.
No idea where the cost of college is going over the next 15 yrs though.
No idea where the cost of college is going over the next 15 yrs though.
Posted on 11/3/15 at 12:01 pm to lsufanintexas
My son started the La. pre pay program for my 2 grandchildren as soon as they were born. I think it's called START or something like that. Relatives are encouraged to donate to the fund rather than buy toys for the kids on birthday and Xmas. They get plenty of toys from non relatives.
He told me last week that if the current rate of savings holds up each child will have 100K by the time they graduate from HS.
This is only for La. but I bet Texas and other states have similar programs.
He told me last week that if the current rate of savings holds up each child will have 100K by the time they graduate from HS.
This is only for La. but I bet Texas and other states have similar programs.
Posted on 11/3/15 at 12:13 pm to Zach
Our biggest financial error was not saving for the education of our children, our youngest worked her way through school, the eldest wasn't too difficult in terms of loan amounts as she worked and lived at home...the son, he lived like a crown prince of Saudi Arabia and hope to have all obligations cleared by the new year...
Posted on 11/3/15 at 12:23 pm to Zach
START isn't a pre pay program. It's Louisiana's 529 plan
Posted on 11/3/15 at 12:30 pm to yellowfin
quote:
START isn't a pre pay program. It's Louisiana's 529 plan
What's a pre pay program? To an individual college?
Posted on 11/3/15 at 7:23 pm to Zach
Texas has one Florida too I believe. Not aware of one in Louisiana
Posted on 11/4/15 at 11:57 am to lsufanintexas
Most state schools are 25-40k+ for out of state tuition 
Posted on 11/4/15 at 2:57 pm to lsufanintexas
So we have decided to fund three years of our kids college including room and board.
That looks to be about 25k per year per child.
We could financially pay for the entire four years but I'd like them to work and earn that fourth year. I expect them to actually work the entire four years. Our goal is that they have a summer job during their teenage years to save up money for what they want/need.
That looks to be about 25k per year per child.
We could financially pay for the entire four years but I'd like them to work and earn that fourth year. I expect them to actually work the entire four years. Our goal is that they have a summer job during their teenage years to save up money for what they want/need.
Posted on 11/5/15 at 6:35 am to lsufanintexas
This thread makes me feel like I am really out of touch with reality or something. We live close to LSU. My daughter is going to go there and live at home. Assuming TOPS will still be in place in 5 years from now how much money is college going to cost me? I'm at about 20k saved for her and thought I was good for most of it. Am I missing something with people saying need 100k?
Posted on 11/5/15 at 6:46 am to Hankg
I'm saving for worst case(out of state/private). If your daughter lives at home and goes to a TOPS school your cost will be negligible
I for one do not want my college age kids living with me
Eta: if they don't use the money maybe they'll use it for grad school or to buy a house.....or maybe I'll just keep it and buy a bigger boat
I for one do not want my college age kids living with me
Eta: if they don't use the money maybe they'll use it for grad school or to buy a house.....or maybe I'll just keep it and buy a bigger boat
This post was edited on 11/5/15 at 6:51 am
Posted on 11/5/15 at 7:30 am to yellowfin
quote:
I for one do not want my college age kids living with me
No kidding. Maybe for a year, but after that...gone.
quote:
f they don't use the money maybe they'll use it for grad school or to buy a house.....or maybe I'll just keep it and buy a bigger boat
This. Buy them a car, or put a down payment on a home, or whatever and if there's a good chunk leftover, I win a new boat.
Posted on 11/5/15 at 11:54 am to lsufanintexas
My parents covered room/board/tuition at in-state tuition rates. Anything above and beyond that was our responsibility. Interestingly enough, none of the 4 of us went to school in-state
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