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  1. #1
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    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?



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    Re: Saving for college

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



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    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

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    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.)




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    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).



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    Re: Saving for college

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



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    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.



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  9. #9
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    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.


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    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.



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    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
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    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.



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    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.



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    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
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    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.



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