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Message
re: Funding target for 529?
Posted on 11/25/24 at 6:59 pm to MSTiger33
Posted on 11/25/24 at 6:59 pm to MSTiger33
My last of 3 went oos to Ole Miss. There is a HUGE percentage of oos students there due to rising costs in the NE and Cali.
They have fantastic oos merit scholarships.
My point is: look at oos SEC schools when the time comes. Don’t limit the child to your state.
They have fantastic oos merit scholarships.
My point is: look at oos SEC schools when the time comes. Don’t limit the child to your state.
0
Posted on 11/25/24 at 7:01 pm to DaBeerz
Pay the loan back once they have the diploma. Friend of ours paid it all for his kids .. kid dropped out with one semester to go.
That was their oldest .. the next ones all had to figure it out with loans and then mom and dad paid them back.
That was their oldest .. the next ones all had to figure it out with loans and then mom and dad paid them back.
Posted on 11/26/24 at 6:39 am to MSTiger33
quote:
unfortunately live in the NE and am having a hard time wrapping my head around the cost of college. I am shooting for somewhere between 300-400k for my oldest who is in 4th grade now. Am I off the mark? I also have two other kids behind my oldest.
Lol if college costs that much there is effectively zero value in it.
Posted on 11/26/24 at 7:26 am to MSTiger33
That would be an insane amount to spend on college.
Posted on 11/26/24 at 8:01 am to DarthRebel
quote:
Honestly, if your kids caMy nnot get scholarships at a private school, the is zero reason to send them to one.
My wife went to a private school. It was paid for by a family education fund. If she would have taken student loans there would be no way that she could pay them back. The job/career for her would max out $ wise. No way her salary could pay it given the cost of everything else.
Posted on 11/26/24 at 9:12 am to MSTiger33
The best ROI you can get for the money is spending top dollar on ACT and SAT prep courses with private tutors when your kids get to high school. Nothing pays for itself more than high standardized test scores, especially at SEC and other public schools. Most all the big scholarships are tied to numbers on ACT. I think back in the day Ole Miss was free if you got a 32. I’m sure other SEC schools are similar.
Posted on 11/26/24 at 3:51 pm to MSTiger33
College funding scares me more than anything.
I have $125k for my oldest (Junior in HS). She is already taking college courses through dual enrollment and getting some of the core courses out of the way. Feel pretty good about hers.
I have about $70k for my 7th grader. Assuming I will need to go higher than $125k due to rising costs but who knows how much more. I have a pretty good start.
$25k for my second grader. Who knows what costs will be in 10 years but I at least have a basis.
For my oldest, I'm trying to communicate to her that while I have this money, she can greatly benefit from me not using it all. I've illustrated what happens if I am able to put the max $35k from the 529 into a Roth for her and that it basically tuns into $1MM. She's listening to me so hopefully she gets some scholarships and has that advantage.
I have $125k for my oldest (Junior in HS). She is already taking college courses through dual enrollment and getting some of the core courses out of the way. Feel pretty good about hers.
I have about $70k for my 7th grader. Assuming I will need to go higher than $125k due to rising costs but who knows how much more. I have a pretty good start.
$25k for my second grader. Who knows what costs will be in 10 years but I at least have a basis.
For my oldest, I'm trying to communicate to her that while I have this money, she can greatly benefit from me not using it all. I've illustrated what happens if I am able to put the max $35k from the 529 into a Roth for her and that it basically tuns into $1MM. She's listening to me so hopefully she gets some scholarships and has that advantage.
Posted on 11/26/24 at 4:16 pm to RebelExpress38
quote:
The best ROI you can get for the money is spending top dollar on ACT and SAT prep courses with private tutors when your kids get to high school. Nothing pays for itself more than high standardized test scores, especially at SEC and other public schools. Most all the big scholarships are tied to numbers on ACT. I think back in the day Ole Miss was free if you got a 32. I’m sure other SEC schools are similar.
PSAT. Let me repeat it for you, PSAT. Not enough emphasis is placed on this test. You can get a 35 on ACT at many schools and it won't get you the level of scholarship that a perfect 36 will. Score well enough on PSAT for National Merit Finalist and that's better at some schools than a perfect ACT. My son is getting 5 years tuition, 4 years room and 4 years of stipends that cover meal plans and books at Alabama by being a NMF. He will start life with an undergrad, MBA and be free of debt. Will have his 529 $ of low 6 figures intact. Yes his ACT score was 35 but the key was the PSAT and national merit.
Posted on 11/27/24 at 8:45 am to BamaAlum02
quote:
've illustrated what happens if I am able to put the max $35k from the 529 into a Roth for her and that it basically tuns into $1MM
This was actually a great new law that Congress passed a few years ago. Would be a big leg up if kids don't have to drain the entire 529.
Responding to some posters in here talking about certifications/apprenticeships instead of a college degree -- that's fine, and there's definitely a high demand for skilled trades. But there's also a reason there's a labor shortage in those fields. There's not a right or wrong answer, but what kind of career/lifestyle does your kid want to have?
Posted on 11/28/24 at 9:16 pm to Mariner
quote:
Over the past 18 months I have put away $3500/month for each child.
You may want to look at the ins and outs of gift tax. There are ways around it, but easier to just keep it under the limit.
Posted on 11/29/24 at 6:09 am to DarthRebel
quote:
I grew up in NY and the state schools systems of the NE are solid and affordable. 4 years at a SUNY school would be around $100,000, which aligns with public in-state for SEC schools.
So the minimum for a 4 year education is now $100K? I went to SUNY Maritime and took out the maximum amount I could for a student loan to help pay for living expenses. Upon graduation they added up to $53K.
LSU was paid for by family, but I remember the fee bill being less than $5K a semester.
It appears now that $150K savings is the benchmark for a child 8-10 years from HS graduation.
This post was edited on 11/29/24 at 6:13 am
Posted on 11/29/24 at 6:12 am to Finnish
quote:
You may want to look at the ins and outs of gift tax. There are ways around it, but easier to just keep it under the limit.
Please tell me more details. I meet with my CPA next week.
Posted on 11/29/24 at 12:23 pm to Mariner
quote:
Over the past 18 months I have put away $3500/month for each child.
Jesus Christ
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