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

[CowboyCO]

Two kids, age 10 and 11. About $250k in college savings - $150k earmarked in 529s, the other $100k is intended for college. Still contributing. Retirements are funded as well and still contributing.

We won't qualify for aid and know it.

Wanna adopt a couple of adorable kids?

 

[tmarquez]

We have the 4 year FL prepaid college thing for DD. But I really like the idea that someone posted of letting her get loans for whatever is left and when she finishes, we'll pay them off.

Then again, DD7 is planning on being a rock star so she probably won't need college for that.

 

[ccgirl]

Wanna adopt a couple of adorable kids?

Want to adopt me?

In all seriousness, how did you do that crisi?

 

[crisi]

Wanna adopt a couple of adorable kids?

Nope. Denying myself enough getting the two I have to fund college for. Any idea of the TRAVELING we could have done with that money instead of WASTING it on college?! Not to mention the manicures I don't get, the house I don't live in, the car I'm not driving, the jewelry my husband doesn't buy me.....

 

[lillygator]

we have the fl prepaid 4 years of university for both daughters and both have 529's not sure what is in them at this point though.
and yes, FL tuition has been raised several times, I am very fortunate that we took the prepaid out right when they were born, we've been grandfathered in on several issues.

 

[crisi]

Want to adopt me?

In all seriousness, how did you do that crisi?

Two really good incomes as thing one - we don't have a snowballs chance of getting aid.

Haircuts at costcutters. Reasonable cars (my husband's car is very nice - but ala millionaire next door, bought used), a modest house that is paid for, reasonable grocery bills, modestly priced clothes, try not to go out too often. We were older when we had our kids, well established in careers with assets already.

My husband went to a pricey private school and wants our kids to have the same opportunity. I went to a huge public school and don't want them to do the same if I can help it - but didn't have debt - which I do want to repeat for my kids. So its a priority for us.

 

[deerhart]

Also realize that TOPS pays for 8 semesters maximum. Graduating in most pre-law curriculum will likely take more schooling.

No, graduating in a pre-law curriculum does not require any additional schooling then any other undergraduate degree. Now if you want to go on to law school that's a whole other issue (but that is grad/professional school and won't be paid for through most state programs of that kind)


We have about $3000 in 539 plans for the kids and about another $2k in savings bonds. I would love to contribute more, but I am paying off both DH's and my college/grad schools (to the combined total tune of $150k as we each now have about $75k and that was even with 75% of my law school tuition being paid by scholarship)

 

[tinkarooni]

I've read that you should fully fund your 401 and Roth IRA first. Right now I plan to use the Roth Ira deposits for college. You can't use the interest earned without a penalty, but you can take out what you put in for college.

I haven't reached the max yet of 16k per yr for my 403b and I think it's 6k a year for a Roth. If by some miracle I max those out, I'll start using a 529.

I think I have about 20k in the Roths, not sure what part of that is useable for college.

College savings is the one thing that keeps me up at night scared to death, lol. I know I'm on track for retirement but there's no way I can be on track 100% for both college and retirement.[/QUOTE]


This is us and I wonder for those of you with big amounts in college savings are you fully funding your retirement savings or are you focusing on college savings?..just trying to get a handle on how bad we're doing.... We fully fund our retirement and put about 560 per month into college savings. But we started late and have two kids.

 

[Shleedogg]

DD almost 2, has $1,500. We contribute $100/month (used to be $50 until we paid off CCs) and all her Christmas and birthday money go in too. We also have about $500 in savings bonds for her.

Our goal is that we'll be able to pay for her college OOP by the time she goes and then this money will be for a wedding or down payment on a house when she graduates.

 

[tinkarooni]

Nope. Denying myself enough getting the two I have to fund college for. Any idea of the TRAVELING we could have done with that money instead of WASTING it on college?! Not to mention the manicures I don't get, the house I don't live in, the car I'm not driving, the jewelry my husband doesn't buy me.....

This is the debate that DH and I always have with ourselves. Do we live our life or do we really really restrict what we do to pay for college. It's a fine line and sometimes we are on either side of it......DH father died pretty young at 54 and DH has a fear of not experiencing anything in life because we always had our nose to the grindstone.....we are trying to find a balance. Do you have that challenge? For example in two days we're headed to Disney to stay at the Beach Club (40% off pin ) But I still have some guilt about spending the $$$.

 

[amyjo920]

That's awesome that you have all saved so much! Unfortunately, we haven't had the opportunity to do so. Ours are 16,14, and 8. I have said that I will help with loans or whatever I need to do as long as they are trying to help also. They also have to make a strong attempt at keeping their grades up, etc. If they screw off their first semester/year/whatever, then we are done helping. Harsh, yes, but our parents were not able to help us out at all.

 

[WeLoveLilo05]

DD (5) has $1000 in the bank, since she was born her dad has put $25 in a month. She also has probably over $1000 in bonds as well.

Our other finances may not be great, but she's making out pretty good

 

[Virgderon]

We're already laying it on thick for academics and academic scholarships. I also had a friend who is a big-time college career counselor who recommended to me to not fill up a 529 because all of that counts against against you in financial aid. He said the difference you could get in scholarships and grants is much more than any interest you might pay on loans. Just a thought...

This is probably true if you make less than 40k, maybe 50k a year. If you make more than that, it would be wise to be saving. The middle class really gets burned on financial aid. We make too much to qualify for Pell grants, and not enough to pay cash for college.

 

[Virgderon]

This is the debate that DH and I always have with ourselves. Do we live our life or do we really really restrict what we do to pay for college. It's a fine line and sometimes we are on either side of it......DH father died pretty young at 54 and DH has a fear of not experiencing anything in life because we always had our nose to the grindstone.....we are trying to find a balance. Do you have that challenge? For example in two days we're headed to Disney to stay at the Beach Club (40% off pin ) But I still have some guilt about spending the $$$.

DH and I wish we had some of the money back that we spent on trips. We never anticipated that he would get laid off twice in 10 years, or that he would have to take as big of a pay cut as he did.

He is 55 and I am 48, and we have a lot of catch up to do before we can retire comfortably.

I think it's fair to say that I regret some of the money we spent but not all of it.

 

[crisi]

This is the debate that DH and I always have with ourselves. Do we live our life or do we really really restrict what we do to pay for college. It's a fine line and sometimes we are on either side of it......DH father died pretty young at 54 and DH has a fear of not experiencing anything in life because we always had our nose to the grindstone.....we are trying to find a balance. Do you have that challenge? For example in two days we're headed to Disney to stay at the Beach Club (40% off pin ) But I still have some guilt about spending the $$$.

The biggest sacrifice we've had to make is that we have had to maintain two CAREERS to pull it off. I've missed kid concerts and sporting events because I've traveled for work - as has my husband. Our kids come home to an empty house and have to care for themselves for an hour until someone gets home. I've taken work calls in the evenings while at the playground with my kids and been on call on vacation. No way if I were a SAHM could we save that much for college.

Other sacrifices - they aren't in private school now - we have a good public school system but good private school tuition is out of our reach. They participate in "reasonable" sports and activities - no traveling baseball, no hockey, no team gymnastics.

But our incomes are good enough that we can still create balance - save and go on vacation. We are just reasonable in our wants. We chose not to move to a fancy home with granite countertops as the difference between that home's price and ours was two years of private college tuition. We don't go to Disney EVERY YEAR - we do take at least one vacation every year, but often they are pretty reasonable vacations.

And yes, we save for retirement as well.

 

[TheRustyScupper]

1) Our daughters were fully paid.
2) Our grandaughters' college is fully funded through a 529 plan.

NOTE: Ohio had both a guaranteed college fund and a mutual fund fund. We chose the guaranteed. Hardly any growth, but a guaranteed a paid education to ANY state school in Ohio. It also covers schools out of state, vocational schools and community colleges. People thought I was nuts in 2000 when we funded the education, because mutual funds were paying so well. Now, people compliment my wisdom. Without more funds or needing more growth, the education is covered.

NOTE2: Now the irony. One granddaughter, who is a high school senior this year, just got a full ride at Ohio State. The other is now a high school freshman in a trial program. She attends college for high school and graduates with a high school diploma and Bachelor degree at the same time. I hope they want grad school, since it already paid for.

 

[tinkarooni]

The biggest sacrifice we've had to make is that we have had to maintain two CAREERS to pull it off. I've missed kid concerts and sporting events because I've traveled for work - as has my husband. Our kids come home to an empty house and have to care for themselves for an hour until someone gets home. I've taken work calls in the evenings while at the playground with my kids and been on call on vacation. No way if I were a SAHM could we save that much for college.

Other sacrifices - they aren't in private school now - we have a good public school system but good private school tuition is out of our reach. They participate in "reasonable" sports and activities - no traveling baseball, no hockey, no team gymnastics.

But our incomes are good enough that we can still create balance - save and go on vacation. We are just reasonable in our wants. We chose not to move to a fancy home with granite countertops as the difference between that home's price and ours was two years of private college tuition. We don't go to Disney EVERY YEAR - we do take at least one vacation every year, but often they are pretty reasonable vacations.

And yes, we save for retirement as well.

It is so very interesting to learn how other people are doing things....sort of like a fly on the wall sort of thing. DH and I also both work, I took several years off when they were babies and than went back. I have a professional career in which I am lucky enough to work at home so I get to be here for games, field trips and the like. We purchased 10 acres at a real steal and built our home ourselves....so although I have granite countertops it's because we did everything with our own two hands....painted the home, installed the hard wood flooring (truly) and assisted my husband with running all of our electric ourselves...really. We have a mortgage but it is very reasonable and much much lower than most folks we know and we have no credit card debt, never really have. However we have not achieved what you have....congrats on your hard work. It inspires me to look around for ways to make changes. Maybe this will be my fall project (after we get back from Disney) . Well, we are packing breakfast things and eating in the room and stopping for a case of bottled water on the way to the resort....every little bit helps.

 

[StephMK]

We have a couple of 529s with not much in them (11 & 8).

BUT, the University of Wyoming (Go Pokes!) has a great legacy program. Children of alums get in-state tuition, which is cheeeeap. That's the back-up plan, because we could pay as we go on that college because it's only about $8,000 a year.

We're already laying it on thick for academics and academic scholarships. I also had a friend who is a big-time college career counselor who recommended to me to not fill up a 529 because all of that counts against against you in financial aid. He said the difference you could get in scholarships and grants is much more than any interest you might pay on loans. Just a thought...

Thanks for posting this! DH is an alum but I never knew about the legacy. Good to know. We have some set aside for each kid, partly due to monthly contributions & some from g-parent contributions & an inheritance.

We can cover DD16 at a state school and pay as we go on the extras. However, DD16 has her heart set on an expensive private school so we'll see how the finances shake out for that. She has a very strong resume of activities/academics so I'm not holding my breath but hoping she is able to find some scholarships.

DD10 is already asking if people "have" to go to college. She wants to be an artist and is not a fan of school. Some form of higher education will be pushed as much as we can.

DS8 wants to be a cop, detective, biologist or inventor so we'll see.

We joke that they are welcome to get academic or athletic scholarships, totally their choice. I don't see athletics being an option so fingers crossed on the academic side.

 

[torinsmom]

I am hoping DS will qualify for pell grants to cover some of his tuition, along with the vocational rehab program at his high school. Whatever it doesn't cover, I will pay monthly or get student loans, which I will pay off after he graduates. I am still in school myself, but after I get out, I will be paying my loans off as well. DS is looking at community college for at least two years, and depending on what career he decides on, that may be all he does. If he lives away from home, that expense is on him, since we have several community colleges within 30 minutes of us and UNC-Chapel Hill, North Carolina Central, and NC State within 45 minutes, not to mention several smaller private colleges.

Marsha

 

[bettymae1121]

DH and I don't have kids yet, but when we do we likely will not save much if anything for college. We both will get large enough inheritences that we would be funding any college tuition from that. Sadly I will almost certainly inherit before we have college age children.

If for some reason the inheritences don't happen (unlikely given our specific circumstances, but one never knows) we'll figure something out (ie pay what we can out of pocket and have the kid(s) get loans for the rest), but we are concentrating on retirement savings for ourselves.

For both DH and I, one of the best "gifts" our parents ever gave us was not having to support them in their old age, because they took care of their own retirements! (Not saying we wouldn't help them if they needed it, but not having to worry about is a load off our minds and bank accounts!).