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Message edited 7/20/2015 7:36:09 AM.

Re: Question for those that will pay for their kids entire college

My kids are 4.5 years apart so thankfully, I won't be paying for two college educations at the same time so that's going to be a help when the time comes.

Also, we started 529 college savings plans for each of them and contribute what we can right now. We're currently paying off some other debts so once that is done within the next two years we plan to plow A LOT more money into their accounts. The more we can save now, the easier it will be to pay for school later.

We're also very fortunate that DH has a very well paying job and is moving up within his company, he's positioned to be a VP within the next 5 years, so that huge bump in salary will really help us to afford college for our kids when the time comes. If I had to send my kids to college tomorrow it would be extremely hard (if not impossible) but luckily we have time on our side (our kids are only 6 and 2). If things go as planned, by the time the college years roll around we should be in very good financial shape (fingers crossed) so it shouldn't kill us to send them to school.

No matter what our financial situation though, we will be encouraging them to attend a SUNY school, it just makes the most financial sense. Even if we could afford a private school I just can't justify spending $250K+ on a degree. If that is something they insisted on they would need to get scholarships to cover some of the costs but we're really planning on emphasizing the benefits of SUNY as they grow up.

Question for those that will pay for their kids entire college

I hope to be in the situation to pay for a reasonable education for my girls. They are four school years apart so they won't be in college at the same time, and my house will be paid off by then so I will channel that money into their education.

Question for those that will pay for their kids entire college

My husband has his MBA he paid for bachlors by himself with some help from parents. The masters was paid for by his job. SUPER LUCKY!
No student loans here.

Question for those that will pay for their kids entire college

My parents and grandmother set up 529s. I also have direct deductions that come out of our paychecks into an account. I plan to increase that as time goes on. When I get tax money back I usually throw in 1k or so. I also get quarterly bonuses at work and throw in a little extra too. I also put every single penny given to use for her christening and 1st bday into her account. I also move money around and put some into the stock market. I have a diversified portfolio since she's young I play with some riskier stocks.

My parents paid for my college and it was such a gift. They always told me as long as nothing unforeseen happening that they would. I had 4 years for an undergrad degree and couldn't get less than a B or they wouldn't pay. I didn't take that gift for granted and loved college and appreciate it immensely.

Re: Question for those that will pay for their kids entire college

1. Me and DH working full time (this incurs other expenses, but will be net profit for everything except 1 year)
2. Living below our means (homes, cars, vacations, clothes, expenses)
3. 529s & 401ks for the future (we put the absolute max we can towards savings)

We may not pay the whole thing for all children, but we are sure we can put a significant amount towards their education. Personally, I'm a big believer that not everyone needs a private school that is $$$.

Question for those that will pay for their kids entire college

We only have 1 DC right now, but we will do the same for all children. DS was all of 2 months old when we opened TWO 529's for him, one opening balance of a few thousand, the other from my grandfather for about five hundred. Both have automatic payments deposited directly into them monthly. We are in a position where we are comfortable doing this for another 2 DC we budgeted.

We live well below our means. We purchased our house over 3 years ago, purchased far less than we could have afforded in a very desirable neighborhood (lucked out on the house), we purchased nice cars instead of the luxury cars we wanted. We do not skimp in other areas, though, we vacation as often as possible, enjoy dinners out, etc.

While I had minimal student loans to pay off entering the marriage, DH had none (I had minimal due to mutual funds my grandparents set up for me, in the days before 529's), and DH's mother was able to pay for his SUNY education. For those reasons, we feel very strongly about paying for a SUNY education. If we had huge student loans like many of my friends, there is no way we'd be in the position we are in now.

ETA: we have NO expectations or plans to pay for the entirety of PRIVATE school, if they chose that route, they will have to apply for loans and scholarships for anything above and beyond what we have saved... and if they can get scholarships for SUNY, all the better.

Message edited 5/5/2015 11:43:18 PM.

Re: Question for those that will pay for their kids entire college

My parents are the ones who contribute to their college funds. They will get them up to $100k each, so long as they are able too. That "should" be enough for state schools. If not, we don't necessarily gave mire college money set aside, but our personal savings should be able to cover any difference.