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re: New child financial plans
Posted on 3/23/17 at 9:42 am to ELT
Posted on 3/23/17 at 9:42 am to ELT
Not to scare you, but unless you're socking away a rather large sum, you probably won't be able to cover college in 18 years. For example, my son goes to Davidson College, which is currently $64,000 a year. 18 years ago, it was $21,395, an increase of 199% ($42.6k). This is private school, so they have a lot of grant based financial aid. We get $45k per year and have to foot the rest.
This is still less than our flagship state college (UNC), which runs around $25k. Assuming your kid goes to an elite private school and we use the same rate of increase, you're looking at $191.5k per year in 18 years. State school will run from $25k to right at $75k.
All that said, your best bet is making sure the kid balls out academically (3.8 GPA or better un-weighted), tons of APs and a crapload of extracurriculars to ensure you get merit and/or need based aid.
This is still less than our flagship state college (UNC), which runs around $25k. Assuming your kid goes to an elite private school and we use the same rate of increase, you're looking at $191.5k per year in 18 years. State school will run from $25k to right at $75k.
All that said, your best bet is making sure the kid balls out academically (3.8 GPA or better un-weighted), tons of APs and a crapload of extracurriculars to ensure you get merit and/or need based aid.
This post was edited on 3/23/17 at 10:27 am
2
Posted on 3/23/17 at 2:46 pm to Big Chipper
Believing that tuition increases can continue at current rates for 18 years is silly. What an extreme extrapolation.
If they charge $190k a year then they will give you $170k scholarships. It's similar to Gross Sales being a relatively meaningless number in CPG because Trade Spend on invoice and off invoice reduces that number dramatically to get to a Net Sales figure.
If they charge $190k a year then they will give you $170k scholarships. It's similar to Gross Sales being a relatively meaningless number in CPG because Trade Spend on invoice and off invoice reduces that number dramatically to get to a Net Sales figure.
This post was edited on 3/28/17 at 1:54 am
Posted on 3/25/17 at 10:27 pm to Big Chipper
I agree. College tuition rise at about 6-7% per year. You are better off putting money that can be used in a combined way for education and your retirement.
I also would encourage you to do it tax efficiently.
You can overfund a cash value insurance policy and utilize the funds for education and retirement purposes without giving up opportunity costs....
Or you can try a Roth IRA for your kids. Just FYI
I also would encourage you to do it tax efficiently.
You can overfund a cash value insurance policy and utilize the funds for education and retirement purposes without giving up opportunity costs....
Or you can try a Roth IRA for your kids. Just FYI
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