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Started By
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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 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?
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
31
Posted on 1/31/16 at 12:25 pm to okietiger
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.
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 on 1/31/16 at 12:54 pm to okietiger
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 on 1/31/16 at 1:56 pm to okietiger
Nothing unfortunately. Putting all 5 through private school. They'll have to fend for themselves when it comes to college.
Posted on 1/31/16 at 1:59 pm to okietiger
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.
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 on 1/31/16 at 2:19 pm to Zach
Nothing now... 3 yrs and 2 mos. My old man gave them a good start when they were born. I'm paying off 6 figure student loans still, not worried about college
Posted on 1/31/16 at 3:00 pm to okietiger
Assuming 25k a semester? Holy shite dude.
Posted on 1/31/16 at 3:03 pm to Zach
quote:
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.
That worked for me as well. I took out about 17k total in loans for what ended up being 3.5 years at LSU (including a semester.) although I probably could have gone without it, I thought I'd rather have a cushion instead of killing myself working 40 hours a week and finding time to study.
A little debt never hurt anyone. I'm gonna hammer home to my kids how important getting good grades in high school is considering that sets up the rest of your life. Crack down there and you can afford to enjoy yourself in college.
I think putting it in their head early they may be responsible for their college education also puts into perspective the financial commitment it is. Coming out of high school I could have gone to Loyola and with scholarships still take out 10-15k a year in loans. Getting basically a full ride to LSU and not burdening myself with a lifetime of debt was probably one of the best decisions I ever made.
This post was edited on 1/31/16 at 3:05 pm
Posted on 1/31/16 at 3:05 pm to Brettesaurus Rex
quote:
Assuming 25k a semester? Holy shite dude.
if his kids go to college and the inflation rate of college tuition keeps up, that is going to be a cheap option
Posted on 1/31/16 at 3:06 pm to okietiger
I will pay for 4 years in state, non private tuition.
Posted on 1/31/16 at 3:19 pm to okietiger
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.
Gotta make them work for it a little.
Posted on 1/31/16 at 5:16 pm to Brettesaurus Rex
quote:
Assuming 25k a semester? Holy shite dude
Meant a year, oops, I edited.
Posted on 1/31/16 at 5:18 pm to GRTiger
I like that. Might start stashing a $100 a piece and then bump it up assuming I continue to make more in my career. But I don't want them to assume it's just being handed to them.
Posted on 1/31/16 at 6:09 pm to okietiger
$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.
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 on 1/31/16 at 6:23 pm to okietiger
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 on 1/31/16 at 6:28 pm to okietiger
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 on 1/31/16 at 6:33 pm to okietiger
Way more than most recommend but I'd rather fund it now than when I'm 50
Posted on 1/31/16 at 6:38 pm to okietiger
$3-4K per kid per year in a 2030 target fund. Goal of 75-100k per kid. Hoping for scholarships.
Posted on 1/31/16 at 6:52 pm to okietiger
quote:
I will pay for 4 years in state, non private tuition
But I'm not actively saving for it.
Posted on 1/31/16 at 6:52 pm to yellowfin
What do you put it in? Figure I'm gonna dump the 3k I'm getting back on taxes into an account for my nine month old. Just not sure if I want to do a 529 or just a fund
This post was edited on 1/31/16 at 6:53 pm
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