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How much you would save in 529

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  • #31
    Originally posted by Lordosis View Post
    We are they unfortunately. We will not only pay our children's education costs but also subsidize everyone else
    Indeed we are. We are the gullible public that accepted the line that college is the best way to go. We are the idiots who happily take money from the government without thinking about value. We are the idiots who give to our colleges and don’t raise h3ll about the fact that they are furthering the out of control prices. But “they” are also the government, specifically our representatives and the Department of Education who give no thought to the fact that their endless guaranteed flow of money is the primary reason for college costs skyrocketing. And “they“ are also schools, which can hardly be blamed for charging more in the price discriminating fashion they do. The system is set up for them to do so and fully allows for it.

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    • #32
      Originally posted by ENT Doc View Post

      Who is they?
      Good question , I meant the “ institutions “. But why would they. They can always find people willing to pay and as Lordosis says subsidize others .

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      • #33
        I'm on the fence of contributing to a 529. Our State doesn't offer any tax benefit. We plan on paying 100% of college costs. But college is years away, I don't know what college will look like then, our child's abilities or aspirations, etc. At the very least, I may lump sum the equivalent of 4yrs of in-state school tuition (no room and board) and let it ride the stock market. Anything more we'll cash flow.

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        • #34
          $10k per year, max state deduction. kid too young to worry about a target yet

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          • #35
            Originally posted by ENT Doc View Post

            Indeed we are. We are the gullible public that accepted the line that college is the best way to go. We are the idiots who happily take money from the government without thinking about value. We are the idiots who give to our colleges and don’t raise h3ll about the fact that they are furthering the out of control prices. But “they” are also the government, specifically our representatives and the Department of Education who give no thought to the fact that their endless guaranteed flow of money is the primary reason for college costs skyrocketing. And “they“ are also schools, which can hardly be blamed for charging more in the price discriminating fashion they do. The system is set up for them to do so and fully allows for it.
            I have not yet or plan ever to donate to my college or medical school. I paid them a more then fair price for what the provided me. We are even.

            Maybe I will toss a kid or two their way in a decade.

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            • #36
              Originally posted by Lordosis View Post

              I have not yet or plan ever to donate to my college or medical school. I paid them a more then fair price for what the provided me. We are even.

              Maybe I will toss a kid or two their way in a decade.
              Ha, I did a lifetime alumni membership when my kid was born. A pathetic attempt to increase legacy odds. But I just found out from a buddy that he got charged full freight, out of state (!) from our alma mater. I mean, really? Not even a small bone?

              This makes me hope that my kid won't get in or want to go there!

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              • #37
                We have a 2 year old and a 4 year old, front loading yearly maximum since the 4 year old was born. Plan to max out the allowable contribution by the state, but probably cut back yearly contribution once we reach 120k/kid. Hope they don't use all of it and we can pass it on to grandkids (if we end up having any). This will be our major gift to them when they're young adults trying to build a life. We figured helping pay for their kids education would significantly reduce their expenses. It's our way of helping them out, but hopefully minimizing the risk of turning them into entitled young adults. Who knows if this will work, we've only been doing this for four years.

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                • #38
                  Originally posted by Lordosis View Post
                  We are they unfortunately. We will not only pay our children's education costs but also subsidize everyone else
                  I am tired of being expected to pay full college tuition which is expected to highly subsidize other students whose parents might have had a great time in life and not saved much and thus qualifying for financial aid. ( we just got one of those glossy booklets from a college in NYC proudly proclaiming that 65% of their students get full financial aid - hey, it is coming from suckers like us)

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                  • #39
                    Originally posted by G View Post

                    Ha, I did a lifetime alumni membership when my kid was born. A pathetic attempt to increase legacy odds. But I just found out from a buddy that he got charged full freight, out of state (!) from our alma mater. I mean, really? Not even a small bone?

                    This makes me hope that my kid won't get in or want to go there!
                    You’re voluntarily paying your college after graduation, yeah no thanks.

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                    • #40
                      Originally posted by fatlittlepig View Post

                      You’re voluntarily paying your college after graduation, yeah no thanks.
                      I get the nostalgia with bimonthly magazines.

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                      • #41
                        Originally posted by Kamban View Post

                        I am tired of being expected to pay full college tuition which is expected to highly subsidize other students whose parents might have had a great time in life and not saved much and thus qualifying for financial aid. ( we just got one of those glossy booklets from a college in NYC proudly proclaiming that 65% of their students get full financial aid - hey, it is coming from suckers like us)
                        A little bitter aren’t we. You’re a doctor what do you expect.

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                        • #42
                          Originally posted by G View Post

                          I get the nostalgia with bimonthly magazines.
                          At least you didn’t donate $60k for life time seat rights. Just to be told that another $360k is now required. Just for the privilege of buying season tickets.
                          https://www.google.com/amp/s/amp.sta...e13253138.html
                          Enjoy your subscription.

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                          • #43
                            Me and the wife are planning on 400K per kid! But this was one of more important goals to make sure the kids are not in debt, hope they get into a Princeton, harvard, yale, Penn, but if not then state school and use any scholarship money to take out of 529, as well as fund graduate school and dare I say it, possible med school. However, this is well within our financial plan. Make sure you know what you are giving up in order to fund your kids 529, and absolutely DO NOT compromise your retirement.

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                            • #44
                              Originally posted by Tim View Post
                              At least you didn’t donate $60k for life time seat rights. Just to be told that another $360k is now required. Just for the privilege of buying season tickets.
                              https://www.google.com/amp/s/amp.sta...e13253138.html
                              Enjoy your subscription.
                              Their first mistake was not studying harder in high school so they could get into UT Austin instead of A&M. Unless they wanted to take over the family farm or become veterinarians, in which case an ag school makes sense. (Even then, there’s Cornell if you study hard.)

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                              • #45
                                Tuition inflation reports are severely overrated.

                                I was on the Board of Regents for my former college a few years ago, so I got to see "under the hood" so to speak. Even though in the past decade tuition had gone up 50%, the actual amount of money collected from tuition had stayed constant. Schools are pumping up tuition and simultaneously pumping up the "discount rate" because it feels good to say you got a scholarship and a deal - i.e., people would rather pay $25k per year if the sticker price is $45 with a $20k scholarship. Some schools are discounting so heavily because it is so competitive that they are on the verge of going out of business (and in several cases they have).

                                If you have a plan for what to do with oversaving in 529's that is fine, but I seriously doubt that anyone is going to be paying $700k in tuition for a 4 year degree. If that were the case, literally less than 1% of the population would be going to college in the future.

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