quote:
my advice, and I've put three kids(and a bunch of lawyer's kids,) through college, is to have a contingency fund, that the kids have no idea exists, to supplement, if necessary, what they are unable to earn through scholarships, grants, money saved, and shortfalls in budget during college, it will not go as well if they think "dad's got this, it's party time," make them set their goals/budgets now, with little to no expectations of assistance from you and they'll be better prepared, and that's as valuable as just about anything else they'll learn in college

very wise words...

we're planning for 100 per kid (and saving towards that). all in cost seems to be about 25 per year for a good state school.

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Posted by ATLabama

Member since Jan 2013

1602 posts

Posted on 10/9/19 at 9:25 am to Gaston

Historically, the cost of tuition rises ~7% on average. Take whatever tuition is now, compound it annually 18x, and there is you price.

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Posted by ELVIS U

Member since Feb 2007

9922 posts

Posted on 10/9/19 at 9:37 am to Gaston

My kids went to college about 10 years ago and we had put away 50K for each of them. It was enough with the scholarships they ended up getting. However, in 10 more years you are going to need at least triple that if the costs of keep rising accordingly. Good luck.

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Posted by Gaston

Dirty Coast

Member since Aug 2008

38945 posts

Posted on 10/9/19 at 9:40 am to ATLabama

Price difference between schools is the unknown. My son doesn’t seem smart enough for a high dollar private school, but even between state schools with out of state tuition it varies wildly.

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Posted by 777Tiger

Member since Mar 2011

73856 posts

Posted on 10/9/19 at 9:50 am to ELVIS U

quote:
we had put away 50K f

this is what I did with the oldest, we bought the FL pre-pay when she was a baby, by the time she graduated hs she had decided that she didn't want to go to college in FL(gracias Hay-Zuess!) but the schools she was looking at were in the Ivy League price range, so I bought her a book that listed hundreds of grants and scholarships available and told her she would have to make up the difference between what the school she chose cost and what FL pre-pay would pay, she took it and ran, unbelievable the things organizations give grants for, she was valedictorian in her class and received scholarship money for grades, when she got to college she worked three jobs for the school, they paid her so she'd have some spending money but they also paid a certain amount towards tuition for each hour worked, she still had a good social life and a great college experience, when she graduated(summa cum laude

,) she had $16k in debt, and with no expectation during the entire time that we'd help, I offered to her, as a graduation gift, to pick up that tab and she accepted, she knows that that experience of setting your sights on something and going after it, learning how to budget time and money to attain it, was as valuable as any course she took in college as it transfers immediately over to the real world