guttata LSU Fan prairieville Member since Feb 2006 20068 posts
How much to fund kids 529?
(Posted on 12/25/13 at 9:50 pm)
2 kids 13 and 11. If they were to go to LSU and got TOPS (assuming it's still around). How much in each kids fund would be ideal for when they start college? I don't want to under fund it, but definitely don't want to overfund it.
Lookin4Par Colorado State Fan Baton Rouge Member since Jun 2012 877 posts
re: How much to fund kids 529? (Posted on 12/26/13 at 6:56 am to guttata)
Put 100.00 a month to each and you'll have some good headway built up for both. These expenses can be used for room and board, food, textbooks and grad school. I wouldn't be too concerned with overfunding since you are late to the game.
re: How much to fund kids 529? (Posted on 12/26/13 at 8:02 am to guttata)
I usually take whatever money they are given for birthdays, Christmas, etc. and put it in their savings account. Then I match the what they were given and deposit into their 529 plan. I also put review my yearly budget while I'm doing taxes and donate based on that; I haven't settled on an amount to direct deposit each month. Who knows how much college will actually cost in 15 years....
tiger91 LSU Fan South of Lafayette Member since Nov 2005 13133 posts
re: How much to fund kids 529? (Posted on 12/26/13 at 9:42 am to guttata)
Son had the highest level of TOPS and a $1200 per sememster scholly (8 semesters) as well as some other scholarships that he used to pay living expenses. He's starting his last semester (#8) at LSU ... I seriously think we've paid less than $10K for fees not covered by TOPS, books, and helping with living/meals.
Some semesters it was so little (like a few hundred) that we didn't even take it out of the 529 as we have 2 kids behind him who may not get as many scholarships as #1.
Don't put too much in ... as if it's not all used it will be taxed.
sandjunky New Orleans Saints Fan A place called the Queen City Member since Dec 2007 354 posts
re: How much to fund kids 529? (Posted on 12/27/13 at 12:25 pm to guttata)
Make them Co-op to pay for college; I did 7 Coop semesters; the year I worked Spring/Fall less than 9 months, I grossed around 40K back in 2003 making 19/ hr plus living
My younger brother who is a chemical engineering major finished his last coop semester this past summer making around 28 per hour plus 400 per month living....it's well worth it...he'll finish school in May with zero debt and having paid for it through work and scholarships