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Originally Posted by NeverBored
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. |
Thanks. Yes, I used collegeboard.com and Vanguard's own calcualators to estimate college costs. I also used a financial planning calcilator (similar to FIRECalc) to project future growth in this fund and how it can cover present college costs of $40K/year (adjusted for inflation). I got a 90%+ forecast of meeting this goal, so we felt this was adequate. Having said that, I understand the reality of how the actual costs may go higher than what any calcualtor can project (that too, 14+ years in advance), so if this budget falls short, Junior needs to make up for it.  Agree entirely with you that it teaches them the value of money to earn even while in college than have Daddy dearest pay for it all.
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