My husband and I have been saving for both of our boys. We put away around $250.00 for them every month. I decided to calculate [using an online banking tool] how much we should be saving thinking we're probably on the safe side. I was very wrong. The financial planner said we should be putting away $700.00 [!] a month if we would like them to be able to continue on to a four year public college. I just couldn't believe it. How much are you saving for your child's college fund? I'm beginning to think we're going to be in a heck of a lot of debt when the time comes. I'm sure we'll gradually increase our payments but I'm really worried now!
What are your plans for your children's college education?
Do you have any tips on good investing tips to create larger college funds?
Why does the cost of college education keep rising?
Does it honestly cost 131,330.00 for a child to attend and get a good education?
2007-02-05 07:31:51 · 5 answers · asked by .vato. 6 in Pregnancy & Parenting ➔ Other - Pregnancy & Parenting
you are doing fine something is better than nothing. You will be able to help them but they will have to work and or get student loans. I know you are trying to avoid that but education goes up everyyear or two just like everything else. They have to pay the rasies for the teachers, bulid new bulidings, etc so it cost more and more. Just do what you are doing and put more away later but don't forget to save for your retirement that, sad to say, is more important than their college. YOu don't want to be a finicial burden on them when you get older
2007-02-05 14:45:05 · answer #1 · answered by Big Daddy R 7 · 0⤊ 0⤋
Why does it cost so much? Because schools know people want an education and they know people will pay whatever they want if you are wanting to go to school there.
My husband and i so far have $10,000 dollars put in a college fund for our son but you never know he could get a scholarship to go to college and that money we have saved up can go to something else for him.
The cost of university schools is the reason why so many have to go to community college's but i see nothing wrong in that. I think it is the same if you ask me.
When you get your income tax money back put half of that in the bank like we have been doing for the last 5 years.
When you think about it..Why is baby formula so expensive? They do not care what they are charging for it because they know people will pay whatever the price tag says because their baby is needing to eat so that is why everything is so expensive, they know you will pay the price.
2007-02-05 07:41:57 · answer #2 · answered by ஐ♥Julian'sMommy♥ஐ 7 · 1⤊ 0⤋
EVERYTHING keeps getting more expensive......I can't save anything so you are lucky to be able to even save that much. My kids will have to get financial aid or a student loan or scholarships to go to college.
All our money goes for our mortgage and car payment and other bills.
Since you do have extra money to save for them call up your local bank and see what the best way to save for college is. They can definitely help you.
2007-02-05 07:36:55 · answer #3 · answered by Anonymous · 2⤊ 0⤋
You are under NO obligation to pay for your kids college bills. There are also alternatives such as military service, technical and other trade schools that are less expensive and more direct routes to good paying jobs.
2007-02-05 07:43:41 · answer #4 · answered by Anonymous · 2⤊ 0⤋
yes...and you can get student aid and student loans
2007-02-05 07:39:33 · answer #5 · answered by kapple0913 2 · 0⤊ 0⤋