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re: How much to set aside for kids college
Posted on 10/21/14 at 7:31 pm to GaryMyMan
Posted on 10/21/14 at 7:31 pm to GaryMyMan
quote:
Unless they're really good students and want something better than a State School education.
We are considering a number of private out-of-state schools for our youngest daughter in the fall (last of five to get through college). The financials are similar for all the colleges we are considering. About $50,000 for tuition, room, board, books, etc. With at least half in merit-based financial aid. That leaves about $20,000 to $25,000 per year. We cover $15,000, kids cover $5,000 from part-time jobs, loans cover $5,000. We have set a limit of no more than $25,000 in loans when they graduate and it has held thus far.
1
Posted on 10/21/14 at 7:42 pm to islandtiger
I'm figuring 200k per kid, if they don't need it I'll buy a boat 
Posted on 10/21/14 at 8:39 pm to yellowfin
quote:
if they don't need it
They will "need it."
Posted on 10/21/14 at 9:00 pm to guttata
I saved a good bit for my kids college early on, but decided to not fund accounts after awhile (10+years). I transferred my GI bill to my kids before I retired from the military.
I think I would max all possible retirement accounts before I saved one dollar for college. If you save money in 529s or Coverdell IRAs 100% of it counts as money for college in financial aid calculation.
Also, a kid with "skin in the game" as far as working and saving for college teaches a valuable lesson.
I think I would max all possible retirement accounts before I saved one dollar for college. If you save money in 529s or Coverdell IRAs 100% of it counts as money for college in financial aid calculation.
Also, a kid with "skin in the game" as far as working and saving for college teaches a valuable lesson.
Posted on 10/22/14 at 8:25 am to makersmark1
They will have whatever it is that we have saved up at the time. My #1 priority is my retirement. I project both of my kids will have between $40-50K by the time they start and if they need more than that, well they better study hard in high school to earn a scholarship, work to put up the difference, or take out a loan.
I completely agree with this statement. This is why I'm not putting that much emphasis on completely saving for their entire college needs. I'm there to provide support, but they also should shoulder some of the responsibility. IMO, if they have some "skin in the game" they would likely perform better and not piss away the opportuntiy.
quote:
Also, a kid with "skin in the game" as far as working and saving for college teaches a valuable lesson
I completely agree with this statement. This is why I'm not putting that much emphasis on completely saving for their entire college needs. I'm there to provide support, but they also should shoulder some of the responsibility. IMO, if they have some "skin in the game" they would likely perform better and not piss away the opportuntiy.
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