HOw much are you saving for kids' college?

[disneysteve]

I'm curious what others are putting away for college. We started a 529 account for DD about 2 years ago and were putting in $250/month. Once I paid off my student loans in December, I upped that to $400/month. DD is almost 10 now. I figure at that rate we'll have about $75,000 by the time she enters college. I realize that will be a drop in the bucket by then but at least it will help. I don't want to overfund the 529 because if by chance she doesn't need all the money (scholarships), we have no other children to transfer it to.

How much are you all putting away and what is your goal to have saved by the time the kids are college age?

 

[mamalle]

we already have the kids tution paid thru the fla prepaid for 4 year colleges. I havent really done anything with my money in the upromise account yet but I need to est a 529 for each of them for their room, board and books.

 

[swilshire]

None. I was around 40 when I finished paying off my own student loans. We've never been able to save much for retirement because of the daily expenses of the four lovable rugrats. I've always told them they better get good grades and lots of scholarships, because there is no college fund.

DD19 could have had a free ride if she had lived at home and commuted 30 minutes. She elected to live on campus, but made up the shortage with her savings from working since age 15. I've chipped in $100 here and there and do provide her a car with insurance, but other than that, she's doing it on her own.

I think kids appreciate their education more when at least some of the money is coming from the sweat of their own brows. JMHO, of course.

Sheila

 

[franco]

We have two young girls (3, 1) and a third on the way in November. My wife and I put $100 a month away for each child in a 529 acct.

 

[JoyG]

We can't really afford to save much for college, especially since our retirement funds aren't fully funded yet. I know they say do the retirement first, but I get some sort of psychological benefit to having SOMETHING put aside for the kids. So, it's $50 a month for each child ($150 total) we started when the kids were born, and I don't see us upping the contribution anytime soon.

 

[HayGan]

we already have the kids tution paid thru the fla prepaid for 4 year colleges. I havent really done anything with my money in the upromise account yet but I need to est a 529 for each of them for their room, board and books.

Wow How did you do this already for 2 young kids?

BTW, I have a few thousand put away in different types of investments for them but my retirement funds come first. They will have more help than I did plus I think it is a good idea for kids to help pay for their educationas they appreciate it more and they get the benefit from it! JMHO

 

[littlestix]

My son is three and I decided not to do the 529 plan. I decided that wasn't the best option for me. The money has to be used for college and how am I suppose to know if he will want to go?? I started a savings account through GM when he was born. I don't put in a certain amount each month. I just contribute when I can. With some help from others he currently has $8,000.

 

[jckdisneybound]

We started one up about 3 years ago and have about $7000+ in it, we put in $2K a year. Our goal is to be able to pay 100% of a state school which given on historical rate increases will cost close to $200K when she starts to attend. Ideally we should be contributing to our retirement, but DH is military so he will have a straight pension and when he starts his second career then he will contribute to his 401k

 

[imsayin]

I started a savings account through GM when he was born. I don't put in a certain amount each month. I just contribute when I can. With some help from others he currently has $8,000.

Be careful if you are putting $$$ in an account in his name. Financial aid calculations work more in your favor if the $$$ is in the parents name(s).

Anyone with more knowledge on this want to elaborate? I don't know a lot about the financial aid process, but have heard this several times.

what is your goal to have saved by the time the kids are college age?

And to answer the original question, as much as possible. I don't have a set amount. I figure I can go back to work full time to fill in the gaps. DD11 is planning on attending an Ivy League School, so I'm hoping for some scholarship(s) money. DS8 is planning on a state school, so that will be easier on the wallet.

 

[EthansMom]

We put $2000 per child each year into Education Savings Accounts. We dollar cost average, so send in a check for $166 each month for each of the two kids.

 

[janethill]

We are saving NOTHING for our kids college. We had our youngest two kids when we were old and will be retired when they hit college. We fully fund our retirement accounts and we will be retired when they hit college. Retirement funds don't count against financial aid. So when my kids hit college, I'm hoping they will qualify for financial aid.

I just got my oldest through college and paid for it out of pocket -- no college fund for her either. It was instate tuition at Virginia Tech and she qualified for no financial aid. I'm rich now!!

 

[dcfromva]

Here is a link to a recent discussion...


-DC

 

[mamalle]

haygan- we enrolled the kids when they were infants and paid the lump sum for dd it was around $6000 and ds $7000. the sooner the better since the rates go up every year. its one less thing we have to worry about. Now we concentrate on our retirement...

 

[HayGan]

haygan- we enrolled the kids when they were infants and paid the lump sum for dd it was around $6000 and ds $7000. the sooner the better since the rates go up every year. its one less thing we have to worry about. Now we concentrate on our retirement...

Good for you (or should I say them!) Those are great rates!!!

I didn't really care for PA's 529 program so we didn't go that route.