Coli Parents: How much are you saving for your child's education?

[SuburbanPimp]

I'm saving some, but not like 150K....

I guess I'm jaded because My sister and I both got scholarships and we weren't super nerds or anything. My sister was a A- student, I was a B student.

How much did my parents have saved for us??? $0

But they worked extra hard to make sure we applied for several scholarships and schools, Made sure we took prep SAT courses and we ready to go get it.

I will have a little something saved for my kids books and other expenses. But if they don't really want it or have that drive to go college. I'm not about to waste my money trying to force them to go.

 

[concise]

I don't have any kids, but I was just wondering, just in case, is there a minimum you have to enter in such an account? Is there a beginner site for stuff like this?

Don't have kids so never really thought about it

But $50 a week x 52weeks x 18 = 46800 per kid
Which seems pretty reasonable

Gonna need way more than that 18 years from now, though. That's the sad part.

 

[Rawtid]

I don't have any kids, but I was just wondering, just in case, is there a minimum you have to enter in such an account? Is there a beginner site for stuff like this?

The ESA has a $2000 per year contribution max. With the 529, I thinks it's like 250k per year max, but I'm not sure. There are a few ways to go about how much you will need and it really depends on the college, how much tuition typically rises per year and I also factored in 3% inflation.

Also your child can still go for scholarships and apply for financial aid.
The college savings account can just be used to supplement what scholarships or fin aid won't cover. I think having 50-60k per kid is a good start, unless you're dealing with out of state tuition or an ivy league school.

 

[concise]

The ESA has a $2000 per year contribution max. With the 529, I thinks it's like 250k per year max, but I'm not sure. There are a few ways to go about how much you will need and it really depends on the college, how much tuition typically rises per year and I also factored in 3% inflation.

Also your child can still go for scholarships and apply for financial aid.
The college savings account can just be used to supplement what scholarships or fin aid won't cover. I think having 50-60k per kid is a good start, unless you're dealing with out of state tuition or an ivy league school.

How is there a limit on how much you can put? That can only be because of tax breaks, right?

 

[Rawtid]

How is there a limit on how much you can put? That can only be because of tax breaks, right?

That's they way the accounts are set up. A lot/Most investment or savings programs governed under US laws have contribution limits. I think just so to limit the amount of tax breaks an individual can receive.

 

[Rockstar Mom]

Before my check is direct deposited to my account, a percentage is taken out, spilt and deposited into 2 accounts in my sons name.

 

[SpittinThatKnowledge]

Is this some kind of subliminal thread towards Rockstar?

 

[concise]

Is this some kind of subliminal thread towards Rockstar?

Have you actually read through this thread or do you just have a wild imagination and jump to stupid assumptions?

 

[Rawtid]

Is this some kind of subliminal thread towards Rockstar?

Ummm I made this thread 4 days ago.

 

[SpittinThatKnowledge]

Ummm I made this thread 4 days ago.

Oh, ok cool.

 

[SpittinThatKnowledge]

Have you actually read through this thread or do you just have a wild imagination and jump to stupid assumptions?

No and yes. I't made sense because of the heat RockStar was getting for spending money on her kid on foolishness instead of his education.

calm down bub.