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Those with children: how much are you saving per child for college?

Posted on 1/31/16 at 12:20 pm
Posted by okietiger
Chelsea F.C. Fan
Member since Oct 2005
41008 posts
Posted on 1/31/16 at 12:20 pm
I have a 3 year old and a 2 month old.

Not sure what to do here. To pay for 100% of both kid's college (assuming $25k a YEAR) it would cost me about a grand a month.

What are you guys doing?
This post was edited on 1/31/16 at 5:16 pm
Posted by Salmon
On the trails
Member since Feb 2008
83686 posts
Posted on 1/31/16 at 12:25 pm to
I put $100/month into a 529 for my 3 year old. I'll throw some extra in there every now and then as well.

It's not much right now, but I'm more focused on maxing out my retirements accounts before I really start throwing money in.
Posted by Dubosed
Gulf Breeze
Member since Nov 2012
7077 posts
Posted on 1/31/16 at 12:54 pm to
Gave my four children $10,000 dollars cash a piece when they graduated high school. Both my girls graduated from Florida State. Neither of my boys attended college. One went the military route and the other has a very successful detailing business.
Posted by OldSouth
Folsom, LA
Member since Oct 2011
10943 posts
Posted on 1/31/16 at 1:56 pm to
Nothing unfortunately. Putting all 5 through private school. They'll have to fend for themselves when it comes to college.
Posted by Zach
Gizmonic Institute
Member since May 2005
112772 posts
Posted on 1/31/16 at 1:59 pm to
I would suggest nothing. Let them make their own way. My parents told me and Bro when I was age 8 and he was age 14 that they couldn't pay for college.
I got a National Merit full ride. Bro went ROTC and a military career.

I told my son the same thing. He went military, Marines. I have contributed about 10K to my grand kids' college fund. I've recently stopped. They are on their own.

Independence is a wonderful thing.
Posted by Brettesaurus Rex
Baton Rouge
Member since Dec 2009
38259 posts
Posted on 1/31/16 at 3:00 pm to
Assuming 25k a semester? Holy shite dude.
Posted by ItNeverRains
37069
Member since Oct 2007
25896 posts
Posted on 1/31/16 at 3:06 pm to
I will pay for 4 years in state, non private tuition.
Posted by GRTiger
On a roof eating alligator pie
Member since Dec 2008
63537 posts
Posted on 1/31/16 at 3:19 pm to
21 months and 1 month here. We have a plan to start a fund specific to college (E.g. 529) but haven't yet. Currently, we put away $200/month for each, with the goal to have between $40-50k for each of them when it's time. Jobs, scholarships, grants and/or loans will have to supplement. We will probably cover housing when the time comes as well.

Gotta make them work for it a little.
Posted by BayouSizzle
New Orleans
Member since Jan 2016
316 posts
Posted on 1/31/16 at 6:09 pm to
$400/month for each of them since birth. I stop once balance + time value to their FR year hits 75% of a 4-yr public university (tuition, room & board) estimate.

If they want 100% or if they want private, they will hopefully work hard for it...and may have to make an ROI/debt decision.

P.S. At rate of college costs increases, I think that 75% is falling. I will guarantee them 75%...risk mine.
Posted by CypressTiger665
Cypress, Texas
Member since Aug 2013
67 posts
Posted on 1/31/16 at 6:23 pm to
I have 3 left to go and one in college. I didn't put anything back for the one currently in college and it's hard every semester. However, I plan to save $100k per child for the 3 left. If any of them choose not to go dad has a nice windfall. I'm currently at $2,600/ month total for all three to reach the goal.
Posted by GCTigahs
Member since Oct 2014
2063 posts
Posted on 1/31/16 at 6:28 pm to
6yr old and 4yr old. We have about 10k in one 529 plan. We're hoping for some scholarship money and cash flow the rest. The house will be paid off in 9yrs which will make "pay as you go" easier.
Posted by yellowfin
Coastal Bar
Member since May 2006
97805 posts
Posted on 1/31/16 at 6:33 pm to
Way more than most recommend but I'd rather fund it now than when I'm 50
Posted by LSUAfro
Baton Rouge
Member since Aug 2005
12775 posts
Posted on 1/31/16 at 6:38 pm to
$3-4K per kid per year in a 2030 target fund. Goal of 75-100k per kid. Hoping for scholarships.
Posted by RunningBlake
Member since Aug 2011
4107 posts
Posted on 1/31/16 at 6:52 pm to
quote:

I will pay for 4 years in state, non private tuition


But I'm not actively saving for it.
Posted by LSU
Houston
Member since Oct 2003
8854 posts
Posted on 1/31/16 at 6:58 pm to
My kids are 7 & 3 right now. Been funding a UTMA account for each of them with a few thousand since each was born. ($37k & $19k balance in each now)

Hope to continue substantial contributions until college.
Posted by Old Sarge
Dean of Admissions, LSU
Member since Jan 2012
55670 posts
Posted on 1/31/16 at 7:53 pm to
I'm just cash flowing it. I want to keep control of my money.
Posted by Spirit of Dunson
Member since Mar 2007
23111 posts
Posted on 2/1/16 at 1:05 am to
3 kids. We started them each with a few thousand in a 529, then put about $200 per month each in the funds. As mentioned earlier, $25k per year for college would be cheap. And I understand that sentiment of "my pop didn't pay for my college, I worked my way through, a little debt never hurt anyone"... BUT a lot of debt has hurt a lot of folks. College costs aren't like they used to be, and to assume you can work while in college and cover the costs is a bit optimistic. I'm also not 100% confident TOPS will be there forever. Plus, maybe my kids will get to go to a better shcool than LSU?
Posted by Dan Bilzerian
..on my yacht or jet.
Member since Dec 2014
1864 posts
Posted on 2/1/16 at 9:38 am to
quote:

What are you guys doing?


529 accounts are perfect.

If your kid(s) gets a full scholarship, you can withdraw without penalty.
Posted by notsince98
KC, MO
Member since Oct 2012
18152 posts
Posted on 2/1/16 at 11:59 am to
None. gotta take care of the family first. Should have the disposable budget to cover it when the time comes. Hell, colleges may not even exist in 10 years.
Posted by StinkBait72
Member since Nov 2011
2057 posts
Posted on 2/1/16 at 1:00 pm to
I have a 2 & 3 and put $210/month each in the La Start 529 Plan. They match a percentage up to $2500 per year.

I also match any birthday or Christmas money they get from relatives into the plan while putting the cash into a standard savings plan.

If I ever manage to get a return on my taxes again I would likely put that in those accounts also.
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