Saving for college
Page 1 of 3 123 LastLast
Results 1 to 15 of 39
  1. #1
    Starter
    Points: 13,238, Level: 34
    Level completed: 84%, Points required for next Level: 112
    Overall activity: 4.0%
    Achievements:
    Veteran10000 Experience Points
    JWIL4CY's Avatar
    Join Date
    Nov 2010
    Location
    Urbandale
    Posts
    796
    Points
    13,238
    Level
    34
    Thumbs Up
    Received: 83
    Given: 21

    Saving for college

    So I have 2 sons ages 19 months and almost 2 months. I have started 529 accounts for both of them, and am trying to figure out how much to save each month. I'd like to have enough for each of them to be able to go to an in-state school (hopefully ISU of course) for 4 years all expenses paid.

    Most of what I've seen online says I should have about $250k saved for each kid. Is it just me or is that way too much? I know tuition is always increasing but that just seems crazy. I was thinking $100k might be more accurate but I don't really know.

    Any other parents have advice on how much you're trying to save for kids?



  2. #2
    Hall-Of-Famer
    Points: 53,720, Level: 71
    Level completed: 78%, Points required for next Level: 330
    Overall activity: 16.0%
    Achievements:
    Veteran50000 Experience Points

    Join Date
    Aug 2006
    Posts
    3,905
    Points
    53,720
    Level
    71
    Thumbs Up
    Received: 197
    Given: 344

    Re: Saving for college

    Make them take out some loans and have some fun your ownself.



  3. #3
    Speechless
    Points: 288,652, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 17.0%
    Achievements:
    Social50000 Experience PointsVeteran
    VeloClone's Avatar
    Join Date
    Jan 2010
    Location
    Brooklyn Park, MN
    Posts
    15,484
    Points
    288,652
    Level
    100
    Thumbs Up
    Received: 2,203
    Given: 3,796

    Re: Saving for college

    I'm sure they could go to Judge Smails for some help...



    "There are five real good recruits in the state. We got three of them. One couldn’t get into school, and the other went to (the University of) Iowa...which is about the same thing." - Coach Johnny Orr

  4. #4
    Speechless
    Points: 560,667, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 3.0%
    Achievements:
    Social50000 Experience PointsOverdriveVeteranRecommendation Second Class
    ISUAgronomist's Avatar
    Join Date
    Nov 2009
    Location
    Back in Iowa!!!!!!!!
    Posts
    21,531
    Points
    560,667
    Level
    100
    Thumbs Up
    Received: 407
    Given: 200

    Re: Saving for college

    Say the cost goes up by 8%/year for the next 18 years.

    That will take this year's current tuition x4. So, $8000*4*4years = $128,000

    (Just throwing out a random number really. Tuition and fees at ISU...no room & board.)




  5. #5
    Hall-Of-Famer
    Points: 84,703, Level: 90
    Level completed: 53%, Points required for next Level: 847
    Overall activity: 0%
    Achievements:
    Veteran50000 Experience PointsCreated Album pictures
    azepp's Avatar
    Join Date
    Dec 2009
    Location
    Ankeny
    Posts
    3,964
    Points
    84,703
    Level
    90
    Thumbs Up
    Received: 183
    Given: 128

    Re: Saving for college

    It depends what your goal is. Do you want to pay 100% of tuition, room, and board? Then the $250k doesn't seem so far fetched (especially for an out-of-state school).



  6. #6
    Addict
    Points: 123,638, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 3.0%
    Achievements:
    SocialVeteran50000 Experience Points
    ianoconnor's Avatar
    Join Date
    Nov 2007
    Location
    Des Moines
    Posts
    7,524
    Points
    123,638
    Level
    100
    Thumbs Up
    Received: 530
    Given: 1,117

    Re: Saving for college

    I agree that $100k is more accurate for an in-state school.



  7. #7
    Starter
    Points: 13,238, Level: 34
    Level completed: 84%, Points required for next Level: 112
    Overall activity: 4.0%
    Achievements:
    Veteran10000 Experience Points
    JWIL4CY's Avatar
    Join Date
    Nov 2010
    Location
    Urbandale
    Posts
    796
    Points
    13,238
    Level
    34
    Thumbs Up
    Received: 83
    Given: 21

    Re: Saving for college

    Quote Originally Posted by azepp View Post
    It depends what your goal is. Do you want to pay 100% of tuition, room, and board? Then the $250k doesn't seem so far fetched (especially for an out-of-state school).
    Well my goal is to do 100% tuition/room/board for an in-state school for 4 years. Considering my wife would like 4 kids that would mean I'd have to save about a million. Yeah that ain't happening.



  8. #8
    Addict
    Points: 123,638, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 3.0%
    Achievements:
    SocialVeteran50000 Experience Points
    ianoconnor's Avatar
    Join Date
    Nov 2007
    Location
    Des Moines
    Posts
    7,524
    Points
    123,638
    Level
    100
    Thumbs Up
    Received: 530
    Given: 1,117

  9. #9
    Rookie
    Points: 14,927, Level: 37
    Level completed: 10%, Points required for next Level: 723
    Overall activity: 3.0%
    Achievements:
    10000 Experience Points1 year registered
    Althetuna's Avatar
    Join Date
    Jul 2012
    Location
    Central IA
    Posts
    472
    Points
    14,927
    Level
    37
    Thumbs Up
    Received: 37
    Given: 7

    Re: Saving for college

    Quote Originally Posted by JWIL4CY View Post
    Well my goal is to do 100% tuition/room/board for an in-state school for 4 years. Considering my wife would like 4 kids that would mean I'd have to save about a million. Yeah that ain't happening.
    I just sent my first off to college this fall. I started saving 10+ years ago and used the online calculator @ Iowa College Savings (Iowa's 529) and it was pretty accurate.


    The $250,000 figure doesn't suprise me if you are looking to pay 100% tuition and R&B.


    I used to be cool. Now... I secretly listen to Abba in my car.

  10. #10
    Hall-Of-Famer
    Points: 53,720, Level: 71
    Level completed: 78%, Points required for next Level: 330
    Overall activity: 16.0%
    Achievements:
    Veteran50000 Experience Points

    Join Date
    Aug 2006
    Posts
    3,905
    Points
    53,720
    Level
    71
    Thumbs Up
    Received: 197
    Given: 344

    Re: Saving for college

    Quote Originally Posted by JWIL4CY View Post
    Well my goal is to do 100% tuition/room/board for an in-state school for 4 years. Considering my wife would like 4 kids that would mean I'd have to save about a million. Yeah that ain't happening.
    Start teaching them to golf if they are girls or throw left handed junk if they are boys.



  11. #11
    All-Star
    Points: 55,783, Level: 73
    Level completed: 16%, Points required for next Level: 1,267
    Overall activity: 1.0%
    Achievements:
    Veteran50000 Experience Points
    CycloneGB's Avatar
    Join Date
    Jul 2010
    Posts
    1,952
    Points
    55,783
    Level
    73
    Thumbs Up
    Received: 108
    Given: 64

    Re: Saving for college

    Step 1: Use the money to pay Jake Knott to impregnate your wife
    Step 2: Kids get full rides and ISU gets more stud linebackers
    Step 3: ???????
    Step 4: PROFIT!!!



  12. #12
    Addict
    Points: 123,638, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 3.0%
    Achievements:
    SocialVeteran50000 Experience Points
    ianoconnor's Avatar
    Join Date
    Nov 2007
    Location
    Des Moines
    Posts
    7,524
    Points
    123,638
    Level
    100
    Thumbs Up
    Received: 530
    Given: 1,117

    Re: Saving for college

    How do you get $250k for 4 years of Tuition + R&B??

    Even if it increases $400 a year for the next 18 years from current cost, it'd be $25,720/year.



  13. #13
    Starter
    Points: 13,238, Level: 34
    Level completed: 84%, Points required for next Level: 112
    Overall activity: 4.0%
    Achievements:
    Veteran10000 Experience Points
    JWIL4CY's Avatar
    Join Date
    Nov 2010
    Location
    Urbandale
    Posts
    796
    Points
    13,238
    Level
    34
    Thumbs Up
    Received: 83
    Given: 21

    Re: Saving for college

    Quote Originally Posted by CycloneGB View Post
    Step 1: Use the money to pay Jake Knott to impregnate your wife
    Step 2: Kids get full rides and ISU gets more stud linebackers
    Step 3: ???????
    Step 4: PROFIT!!!
    Well my oldest son is off the charts on height and weight and his doctor thinks he'll be about 6'7". So I guess him getting a scholarship wouldn't be out of the question.



  14. #14
    Pro
    Points: 51,976, Level: 70
    Level completed: 59%, Points required for next Level: 574
    Overall activity: 1.0%
    Achievements:
    Social50000 Experience PointsVeteran

    Join Date
    Feb 2011
    Location
    West Des Moines
    Posts
    3,001
    Points
    51,976
    Level
    70
    Thumbs Up
    Received: 213
    Given: 784

    Re: Saving for college

    I was lucky to get some munchies sent back to school with me from my parents.

    $250K would have made college life (& post-college life) MUCH more enjoyable. Just make sure they know how nice they have it when they get older.



  15. #15
    Starter
    Points: 13,238, Level: 34
    Level completed: 84%, Points required for next Level: 112
    Overall activity: 4.0%
    Achievements:
    Veteran10000 Experience Points
    JWIL4CY's Avatar
    Join Date
    Nov 2010
    Location
    Urbandale
    Posts
    796
    Points
    13,238
    Level
    34
    Thumbs Up
    Received: 83
    Given: 21

    Re: Saving for college

    Quote Originally Posted by ianoconnor View Post
    How do you get $250k for 4 years of Tuition + R&B??

    Even if it increases $400 a year for the next 18 years from current cost, it'd be $25,720/year.
    Here's the site I was looking at:

    Iowa State University - Tuition, Cost, Student Loans and Savings Plan

    look under estimated future cost. That is just one site but I found a few others that all said about the same thing.



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
  • TV: Cyclones.tv
  • HOOPS: Iowa State vs. Mississippi Valley State
  • December 31, 2014
  • 06:00 PM