how much do you have saved for your kids for college so far?

[mtquinn]

My DD is 9, and I have $17,303 as of today in a 529. My 5.5 year old DD's 529 has $5000. We contribute $75 to each monthly, and another $25 each in a separate TAP account. I plan on sending them to a PA state school, and I'm hoping we will have a good chunk covered. I want to increase the amounts, but can't right now.

How much do you have saved for similarly aged kids? Just wondering.

Thanks!

 

[sau418]

4 year old has $19000
3 year old has $15000
All in 529, we were blessed with an unexpected inheritance two years ago and a large chunk of it went for this purpose.

Dh went to undergrad on Full scholarship and has paid off grad school, I paid off undergrad and am close to paying off grad school.

 

[neatokimmo]

Zip

I'm fully funding my retirement first.

 

[disneydreamersx4]

We have nothing saved really, everything we make goes to bills and the little bit we have in savings is for emergencies. We feel pretty much it's up to our kids to get loans for their education. If, we get rich by some chance, of course we'll help then.

 

[neatokimmo]

Zip

I'm fully funding my retirement first.

So I don't sound like a total a$$ I should mention I plan on paying off her loans when she graduates. I just want her to work for the degree and feel the pride and accomplishment of doing it on her own.

 

[DawnM]

About 14K for the older two each and nothing for the 6 year old.

At this point we are offering free local 4 year college and live at home. If we can offer more, we will.

Dawn

 

[chimo2u]

I will be helping with some small savings we have for our boys...about $5,000 to $7,000.00 each depending on the college they choose and the certificates growth by then. I really wish I would have saved sooner, but so many other things where priority these growing up years. I had to take out student loans twice as an adult to fund my upgrading/college education and I expect my boys will have to do the same. I will be willing to contribute by offering them a completely rent-free place to live/ food included as long as they are going to school and they will have to join the ranks of others who utilize the good old student loan. I think both my boys will choose to go to trade school so at least they won't have years of university debt to finance!! I will help out as much as I can, but I will need them to take on some of the responsibility for their post-secondary schooling too.

 

[Kitzka]

We have one DD 12. We have about $100k in a 529 for her. Hoping this will cover most of her 4 years where ever she goes. If we can swing it we wil add this same amount into the account between now and when she goes to school.

Lara

 

[Julia M]

Not alot. We have some money in a 529 for each child, plus alot of savings bonds.

Oldest ds starts college this year, at a state school, living in the dorms.

We've told all three kids we will pay the equivalent of fees, room and board at a California school (State or UC).

DS's fees and room and board isn't alot more than we paid for his high school tuition, so we already have alot of the expenses budgeted. Things will get tighter in a year, when youngest ds starts HS, because that tuition is double the K-8 fees. We'll have 1 in college, 2 in HS, plus one competitive baton twirler, which is like another HS tuition!!

I typically haven't worked summer, but started this year, and will probably do so in the future, to help with expenses. Nice vacations are now probably a thing of the past as well, except for timeshare exchanges we can drive to. The next 8 years will definitely be budget time for us!!

Julia

 

[shortkathleen]

We have about $25,000 saved up for our 9 and 7 year old. Not nearly enough at this point. I try to put around $200 a month per child. Some of it is in 529's and some in a UTMA. (Universal Transfer to Minors Act) This $ doesn't have to be used for college but can be. We did put it in there because our son has Aspergers and we aren't sure what the future holds. So we put his college savings there for the flexibility.

 

[SarahKate]

So I don't sound like a total a$$ I should mention I plan on paying off her loans when she graduates. I just want her to work for the degree and feel the pride and accomplishment of doing it on her own.

You know, I think this is actually brilliant. Don't get me wrong, planning for college is great and we are VERY fortunate that my dad has a college fund set up for our DD8. But I think it could be valued more when the student has to pay for it (or THINK they are paying for it!). When I went through community college in the early 90's right out of high school, my dad paid my tuition. I goofed off, didn't make much of an effort, and my grades are a reflection of that.

Fast forward several years - by that time I was working and going to school, paying my own tuition. My grades improved greatly. I know part of it was just being more mature, but also it was more important because I had to pay with my VERY limited budget!

Actually, I am getting ready to go back to school this fall to complete my bachelor's and am taking out student loans. I feel ready for it and am prepared to give it my best shot - and having to pay it all on my own makes that all the more of a priority!

 

[NikiM20]

So I don't sound like a total a$$ I should mention I plan on paying off her loans when she graduates. I just want her to work for the degree and feel the pride and accomplishment of doing it on her own.

That's our plan too. After she passes a semester we will pay off the loan for that semester. I'm back in school so we can't afford to pay my tuition and save for dd's.
FWIW my sister and brother worked their way through college. Our mom didn't save anything for us.

 

[Grumpy's Gal]

for those of you who have savings bonds, are you going to cash them in in advance of applying for financial aid? do you know if those are held against you at a higher rate than they would be if they were cash in a 529?

 

[disfan07]

I started community college in 2007 with about $60,000. I went to 5 semesters of CC (helath problems caused me to go for 2 1/2 years instead of 2) paid in state tuition in virginia for 3 semesters and 2 semesters of out of state tuition in california.

This year I am starting my junionr year at UCI and it's going to cost me about $25,000 this year including rent.

My parents wanted to pay for both my brothers and my college education but in the past 5 years we have spent over $100,000 on my medical bills....paying for college when we don't know what's going to happen medically is just not an option

 

[LovableGluttons]

DH and I have $60,000 saved for each of our two kids. If they qualify for any program, like Florida's Bright Futures, it will go towards their grad school/me school tuitions.


If they don't choose to go to college, they don't get any of it. We saved enough to cover most of the instate tuition for a state of Florida college for four years. We called USF about 10 years ago to get a quote on anticipated tuition cost projection. With compound interest accruing, they should have enough to cover it. If not, we'll pay the remainder.


DH and I decided to gamble on paying now for the opportunity for them to secure profitable employment through education rather than py later if they decided to start a family because they could not afford to go to school. We figured it would cost us a lot more that way.

DH and I paid for our own educations through crazy work schedules and student loans. We didn't want that for our kids, DS (14) and DD(11)

 

[Swimalie]

My 5 year old (and only child) has about $5000 so far. We are funding our retirement accounts fully and will take care of his college 2nd. But it will be paid for by us, not him or with loans.

 

[Helene]

We have about 10k in each TAP account for dd12 and ds11. My goal is to have 2 years saved for a state university (PA) pay 1 year as we go and have the 4th year funded by each child via loans/work, etc.

I do want them to pay on the front end so that if they do not take it seriously, they are responsible for the student loans, not me. I know of someone who co-signed student loans to the tune of 39k. Daughter dropped out, hasn't held a job, and now this mom is paying the $$ back.

 

[31Buzz]

I started saving for my DS the day he was born and now 18 years later he has enough for either college he can get into...Barber or Clown

But seriously...do the best that you can saving...use state schools PA has great ones and even community colleges if necessary...either choice is a LOT better than running up student loans that will be a boat anchor to you and your kids forever!

If you have a long time horizon, you can probably invest in growth stock mutual funds, don't worry about the ups and downs until college is right around the corner

I applaud everyone who takes the time to do whatever saving they can!!!

 

[DawnM]

I don't think it will matter for most of us, we won't qualify for any needs based help. We fall in the "make too much to receive any help but don't make enough to pay for it" category!

My kids will most likely have a very different college experience than I did.

Dawn

for those of you who have savings bonds, are you going to cash them in in advance of applying for financial aid? do you know if those are held against you at a higher rate than they would be if they were cash in a 529?

 

[mtquinn]

Well, I anticipated a broad spectrum of responses but we have everything from clown college to over $100 grand! )

Yes, I plan on them going to a state school and we will do what we can. I don't anticipate being able to pay DD9's college fully, thanks to the recession and how much her 529 plummetted. A few years ago her account was about $24,000 and climbing. Now...

If they want to go out of state they will have to foot the difference. We fund my husband's 401k fully and contribute what we can to my Roth each year, but we don't max it. Just can't. I usually put in my tax return, which is about $4000.

Any more replies are appreciated! I love to "take the pulse" of what others are doing.