How much to fund kids 529? | TigerDroppings.com

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guttata
LSU Fan
prairieville
Member since Feb 2006
20021 posts

How much to fund kids 529?


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.






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Lookin4Par
Colorado State Fan
Baton Rouge
Member since Jun 2012
875 posts

re: How much to fund kids 529?


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.





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guttata
LSU Fan
prairieville
Member since Feb 2006
20021 posts

re: How much to fund kids 529?


I've already got $30k in each of their accts. have been putting $ in since the day they were born. Trying to figure out how much I should end up with.





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StinkBait72
USA Fan
Member since Nov 2011
969 posts

re: How much to fund kids 529?


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....


This post was edited on 12/26 at 8:04 am


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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
68805 posts

re: How much to fund kids 529?


quote:

If they were to go to LSU and got TOPS (assuming it's still around).
Shouldn't need much

You plan to pay living expenses?






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tiger91
LSU Fan
South of Lafayette
Member since Nov 2005
13015 posts

re: How much to fund kids 529?


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.






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guttata
LSU Fan
prairieville
Member since Feb 2006
20021 posts

re: How much to fund kids 529?


Im actually debating if maybe I should stop now and just start putting the money that I was putting into the 529 into a regular mutual fund that I could tap if I needed more money when the time comes.





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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
68805 posts

re: How much to fund kids 529?


I definitely wouldn't put everything in a 529





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sandjunky
New Orleans Saints Fan
A place called the Queen City
Member since Dec 2007
353 posts

re: How much to fund kids 529?


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







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