Page 1 of 3 123 LastLast
Results 1 to 15 of 39
  1. #1
    All-Star
    Points: 15,695, Level: 38
    Level completed: 6%, Points required for next Level: 755
    Overall activity: 0%
    Achievements:
    Veteran10000 Experience Points
    JWIL4CY's Avatar
    Join Date
    Nov 2010
    Location
    Urbandale
    Posts
    1,236
    Points
    15,695
    Level
    38
    Thumbs Up
    Received: 379
    Given: 127

    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: 70,825, Level: 82
    Level completed: 64%, Points required for next Level: 625
    Overall activity: 8.0%
    Achievements:
    Veteran50000 Experience Points
    2020cy's Avatar
    Join Date
    Aug 2006
    Posts
    4,323
    Points
    70,825
    Level
    82
    Thumbs Up
    Received: 390
    Given: 765

    Re: Saving for college

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



  3. #3
    Speechless
    Points: 328,055, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 23.0%
    Achievements:
    Social50000 Experience PointsVeteran
    VeloClone's Avatar
    Join Date
    Jan 2010
    Location
    Brooklyn Park, MN
    Posts
    19,552
    Points
    328,055
    Level
    100
    Thumbs Up
    Received: 5,343
    Given: 10,785

    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: 586,420, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 13.0%
    Achievements:
    Social50000 Experience PointsOverdriveVeteranRecommendation Second Class
    ISUAgronomist's Avatar
    Join Date
    Nov 2009
    Location
    Close Enough, IA
    Posts
    22,275
    Points
    586,420
    Level
    100
    Thumbs Up
    Received: 1,133
    Given: 644

    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: 186
    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: 134,952, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 6.0%
    Achievements:
    SocialVeteran50000 Experience Points
    ianoconnor's Avatar
    Join Date
    Nov 2007
    Location
    Des Moines
    Posts
    8,228
    Points
    134,952
    Level
    100
    Thumbs Up
    Received: 1,179
    Given: 2,610

    Re: Saving for college

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



  7. #7
    All-Star
    Points: 15,695, Level: 38
    Level completed: 6%, Points required for next Level: 755
    Overall activity: 0%
    Achievements:
    Veteran10000 Experience Points
    JWIL4CY's Avatar
    Join Date
    Nov 2010
    Location
    Urbandale
    Posts
    1,236
    Points
    15,695
    Level
    38
    Thumbs Up
    Received: 379
    Given: 127

    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: 134,952, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 6.0%
    Achievements:
    SocialVeteran50000 Experience Points
    ianoconnor's Avatar
    Join Date
    Nov 2007
    Location
    Des Moines
    Posts
    8,228
    Points
    134,952
    Level
    100
    Thumbs Up
    Received: 1,179
    Given: 2,610

  9. #9
    All-Star
    Points: 30,510, Level: 53
    Level completed: 70%, Points required for next Level: 340
    Overall activity: 23.0%
    Achievements:
    Veteran25000 Experience Points
    Althetuna's Avatar
    Join Date
    Jul 2012
    Location
    Central IA
    Posts
    1,818
    Points
    30,510
    Level
    53
    Thumbs Up
    Received: 434
    Given: 236

    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: 70,825, Level: 82
    Level completed: 64%, Points required for next Level: 625
    Overall activity: 8.0%
    Achievements:
    Veteran50000 Experience Points
    2020cy's Avatar
    Join Date
    Aug 2006
    Posts
    4,323
    Points
    70,825
    Level
    82
    Thumbs Up
    Received: 390
    Given: 765

    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
    Pro
    Points: 58,069, Level: 74
    Level completed: 68%, Points required for next Level: 481
    Overall activity: 0%
    Achievements:
    Veteran50000 Experience Points
    CycloneGB's Avatar
    Join Date
    Jul 2010
    Posts
    2,060
    Points
    58,069
    Level
    74
    Thumbs Up
    Received: 271
    Given: 158

    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: 134,952, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 6.0%
    Achievements:
    SocialVeteran50000 Experience Points
    ianoconnor's Avatar
    Join Date
    Nov 2007
    Location
    Des Moines
    Posts
    8,228
    Points
    134,952
    Level
    100
    Thumbs Up
    Received: 1,179
    Given: 2,610

    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
    All-Star
    Points: 15,695, Level: 38
    Level completed: 6%, Points required for next Level: 755
    Overall activity: 0%
    Achievements:
    Veteran10000 Experience Points
    JWIL4CY's Avatar
    Join Date
    Nov 2010
    Location
    Urbandale
    Posts
    1,236
    Points
    15,695
    Level
    38
    Thumbs Up
    Received: 379
    Given: 127

    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
    Hall-Of-Famer
    Points: 71,231, Level: 82
    Level completed: 88%, Points required for next Level: 219
    Overall activity: 2.0%
    Achievements:
    Social50000 Experience PointsVeteran
    Tailg8er's Avatar
    Join Date
    Feb 2011
    Location
    Johnston
    Posts
    3,730
    Points
    71,231
    Level
    82
    Thumbs Up
    Received: 596
    Given: 2,159

    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
    All-Star
    Points: 15,695, Level: 38
    Level completed: 6%, Points required for next Level: 755
    Overall activity: 0%
    Achievements:
    Veteran10000 Experience Points
    JWIL4CY's Avatar
    Join Date
    Nov 2010
    Location
    Urbandale
    Posts
    1,236
    Points
    15,695
    Level
    38
    Thumbs Up
    Received: 379
    Given: 127

    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: ESPN
  • HOOPS: Iowa State vs. Texas
  • February 13, 2016
  • 07:30 PM