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Started By
Message
re: 529 Plans and Future Child Education
Posted on 11/13/15 at 12:52 pm to JamalSanders
Posted on 11/13/15 at 12:52 pm to JamalSanders
quote:
JamalSanders
quote:
That is $43,200. Would barely cover 4 years of tuition
Failed math? The $43,200 is the amount he would contribute over the 18 years. You are completely ignoring compound interest and the states matching benefits percentage.
ETA
200/month for 18 years at 4% interest = $68361
200/month for 18 years at 6% interest = $85140
This post was edited on 11/13/15 at 12:57 pm
3
Posted on 11/13/15 at 12:56 pm to ThatsAFactJack
It's pretty close to a wash if COA keeps going at 6-7%.
Posted on 11/13/15 at 2:15 pm to ThatsAFactJack
quote:
Failed math? The $43,200 is the amount he would contribute over the 18 years. You are completely ignoring compound interest and the states matching benefits percentage.
No shite. The way he worded it it would easily cover. Even at your 6% return the $85,000 wouldn't cover all college expenses.
Posted on 11/13/15 at 3:07 pm to ThatsAFactJack
Thanks yea I thought that was implied, wasn't like I was putting into a checking account. Hopefully ~$75k is enough for LSU in state in 18 years and hopefully tops is still around. I wonder what you do if the kid gets a full scholarship and you have $75k in the account.
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