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Originally Posted by Cool_Sparrow
This is a major area of disappointment. Since Junior's college fund was all in equities (he was just 2 years old when we returned), it lost heavily in the brutal bear market and despite the recovery, we are up to only around $75K in this fund. To make up for the shortfall, I have now decided to downsize the home purchase from the real estate sale proceeds and make up this figure to $100K for college allocation. Hey, life is full of compromises, so braced myself for this one.
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College in the US will be expensive. Your son will not qualify for resident fees at a state school since you are not a state resident, which is how many people here in California provide for their kids' educations. A good private college right now is at least $40-50,000 a year, and will likely be at $75+ in 14-15 years. Ivy or prestigious schools will be higher; Non-resident fees/tuition at state universities may be lower but not significantly.
Go to collegeboard.com and enter in some likely schools; click through to their current costs then figure at least 25% more than that.
Depending on your child and situation, there are many options -- we have two in private college right now, and both have academic scholarships and Stafford loans. One also has an athletic scholarship. They both work enough to pay their personal expenses (an excellent way to teach them all about money). We're still paying a bundle of tuition. They will come out with school debt, but at that point, we can help to pay it off.
good luck....sounds like you are enjoying your life, and that's pretty important.
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