Should I set more aside in college savings?

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miamivice
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Joined: Tue Jun 11, 2013 11:46 am

Should I set more aside in college savings?

Post by miamivice »

Went to a middle school open house last night. Gah! Not sure how my oldest is getting so big so fast.

Makes me realize that we really need to get serious about planning for college funding. Don't anticipate any Presidential scholarship or the like for either kid, maybe a couple local scholarships if we are lucky. Both kids are likely destined for a 4 year education from a state college. Either in state in our state or equivalent tuition through one of the tuition exchange programs.

Getting to the numbers, we have $237,000 saved up for college right. All money invested in lifecycle funds that gradually glide toward bonds the closer kids get to college.

One kid is 6 years from college, the other is 10 years from college.

Any thoughts if $237,000 today is enough for both kids?
student
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Re: Should I set more aside in college savings?

Post by student »

If they go to a local state college, it is enough. I teach at mid-size state university and tuition plus fees is about $15k. Most students get some sort of financial assistance/grant. They can live at home to save on room and board.
Ramjet
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Re: Should I set more aside in college savings?

Post by Ramjet »

Actually, you may have over saved
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stoptothink
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Re: Should I set more aside in college savings?

Post by stoptothink »

Ramjet wrote: Fri May 13, 2022 9:30 am Actually, you may have over saved
+1. I always open threads started by OP because it seems as if most are odd (entertaining) humblebrags.

We have ~$56k in 529s for our two kids (10 and 7), but $28k actually pays for 4yrs tuition + fees (plus a little left over) at our local public U. We're done saving. Silly to ask such a general question without knowing the cost of schools that will likely be considered.
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Re: Should I set more aside in college savings?

Post by LadyGeek »

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