https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Mon, 11 May 2026 06:45:40 +0000 https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684953 Mon, 23 Jan 2017 10:54:51 +0000 Mrs. Lemon-Lime 2684953@https://boards.hellobee.com/ <p>@ShootingStar: we are maxing out our IRA contributions, so that's $11k a year. DH set up an account for himself last year, but I have been contributing to mine since my early twenties. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684912 Mon, 23 Jan 2017 09:37:47 +0000 ShootingStar 2684912@https://boards.hellobee.com/ <p>@Mrs. Lemon-Lime: How much do you plan to contribute per month or per year in order to get there? </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684859 Mon, 23 Jan 2017 07:53:29 +0000 Picnic 2684859@https://boards.hellobee.com/ <p>@Mrs. Cotton Candy: Our exact plans too! </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684840 Mon, 23 Jan 2017 06:28:41 +0000 Mrs. Lemon-Lime 2684840@https://boards.hellobee.com/ <p>Where the money will actually come from changes every couple of years as DH reviews where we have savings and stocks. The end goal amount has remained consistent, which is $300,000. Split between two LOs and that becomes $150,000 each. A few of you mentioned the budget plan of 1/3 (parent) saved, 1/3 (parent) pay as you go, 1/3 student. When I think about daycare and likely private school tuition that pay as you go piece doesn't seem so daunting since we are already saving on top of that. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684837 Mon, 23 Jan 2017 04:43:15 +0000 PurplePeony 2684837@https://boards.hellobee.com/ <p>We just save as much as we can but don't really split it up beyond retirement (401(k)/pension contributions) and regular savings/investments. As long as the money is there eventually, we don't particularly care whose name is on the account. There's no tax benefit here to having a 529, though the state is in the process of setting one up and it's not really clear what's going to happen to the old "pension-style" college fund here. DD has a couple hundred shares in there, so we'll see. I had hoped to buy more shares as daycare costs went down, but a) they froze contributions for a couple years and b) every time DD moves up a room and it should theoretically be cheaper, the rates go up soon after so we're paying almost as much now that she's in the preschool room as we were when she started as an infant. So much for savings 🙄. The plan is to pay for as much as we can and let her take out a manageable amount of loans so she learns how to pay them off. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684828 Mon, 23 Jan 2017 00:35:40 +0000 Greentea 2684828@https://boards.hellobee.com/ <p>I hope she'll attend our research Uni here on scholarship. We had parents that financially abused us, so I'll be honest and upfront about everything. I think there is value in her working for everything (and she can always live here). That is my unclear answer! </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684815 Sun, 22 Jan 2017 22:46:05 +0000 SugarplumsMom 2684815@https://boards.hellobee.com/ <p>I've been setting aside a little money for her each month and will continue to do so. If she chooses a university here (we live abroad), tuition is free. The norm is to take a gov't subsidized loan for housing and living expenses. I think we'll follow the norm let her do it on her own (interest rates are low). If she decides to take that route, then we'll likely spend the money on a big graduation trip or contribute to a new car for her. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684283 Fri, 20 Jan 2017 22:43:40 +0000 Annette 2684283@https://boards.hellobee.com/ <p>I voted 50k but we are in Canada. Current rates for higher end schools here (one of top 25 in the world) is only 10k a year for a Canadian with other top ones for the county about 7-9k. There are also scholarships available from the government and universities so here is hoping for smart kids! </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684279 Fri, 20 Jan 2017 22:21:41 +0000 JennyD 2684279@https://boards.hellobee.com/ <p>@Freckles: I saw the results of the poll and thought there was something I missed!</p> <p>We're Canadian too and we live in a major city with two Universities and various other post secondary options. I figure she can live at home, go to one of those schools, and for what we pay now for childcare, we should be able to pay for school no problem. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684275 Fri, 20 Jan 2017 22:06:40 +0000 808love 2684275@https://boards.hellobee.com/ <p>@avivoca: I have a similar background as you. Dorms, state school, work study, grants. My parents didn't/couldn't save a penny. My mom would help out a bit with books, car insurance or meal plans when I needed it. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684273 Fri, 20 Jan 2017 22:02:58 +0000 babypugs 2684273@https://boards.hellobee.com/ <p>I'd love to pay for college, but...daycare first. If I could put the amount we pay into daycare into savings every month after they're in school, I feel like they'd be set up pretty nicely! </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684265 Fri, 20 Jan 2017 21:43:13 +0000 Mae 2684265@https://boards.hellobee.com/ <p>We don't make enough right now to think in terms of goal amounts. It's more... how much can we afford to put away? Okay we'll do that. I don't think we'll be able to pay for all of college, not even close. But hopefully we can have a chunk to help. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684264 Fri, 20 Jan 2017 21:39:00 +0000 petitenoisette 2684264@https://boards.hellobee.com/ <p>@Eminthevalley: this is our plan, 1/3 saves, 1/3 pay as we go (or borrow as parents), 1/3 paid by child. </p> <p>We save a small amount each month right now, to be increased as daycare costs go down. Not sure if we are totally on track because it's hard to predict college costs in the future. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684240 Fri, 20 Jan 2017 20:30:52 +0000 GoGoSnoGirl 2684240@https://boards.hellobee.com/ <p>We aren't yet saving for LO's college. We'd like to help if we can, but haven't been able to set up a regular saving plan. Any money she receives as gifts goes into an account that I expect to turn over to her when she graduates high school. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684233 Fri, 20 Jan 2017 20:24:12 +0000 snowjewelz 2684233@https://boards.hellobee.com/ <p>We are not saving money for it. We work hard, we try to save money, and when the time comes we will support the girls as much as we can, however we can. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund/page/2#post-2684229 Fri, 20 Jan 2017 20:14:39 +0000 avivoca 2684229@https://boards.hellobee.com/ <p>@Madison43: My education was financed through scholarships, KEES money, and federal grants. My parents only had to pay $800 and that was because I couldn't pay for both books and those four semesters on what I made in the summer. I also had a federal work-study to pay for my day to day expenses. I did not own a car and I lived in campus all four years. I attended a state school. </p> <p>I expect my kids to apply for scholarships and grants. If we can help, we will, but I am not planning to pay their way. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684227 Fri, 20 Jan 2017 20:11:23 +0000 winniebee 2684227@https://boards.hellobee.com/ <p>I would like to do 250k for each child. Grandparents donate 2k a year so with that and our yearly contribution plus the time value of money, I think we will be close. The idea is to also start dumping in what we would be paying for childcare once that child starts public school. For example right now we pay 15k a year for T to go to pre-k. We plan to dump that into the college fund yearly when he starts public school. Right now our main focus is on maxing out retirement funds, but this is a pretty high priority for us as well. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684170 Fri, 20 Jan 2017 18:10:18 +0000 LemonJack 2684170@https://boards.hellobee.com/ <p>@sarac: That's what I would like to do as well. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684167 Fri, 20 Jan 2017 18:05:10 +0000 travellingbee 2684167@https://boards.hellobee.com/ <p>Don't have a number in mind. I think we have close to 50k now and plan on just putting away as much as we can while still saving for our retirement, and paying for two in daycare… it's tough. Once they are both out of daycare, I think we can be more aggressive in our savings. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684145 Fri, 20 Jan 2017 16:53:10 +0000 mrskansas 2684145@https://boards.hellobee.com/ <p>Same as @avivoca </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684144 Fri, 20 Jan 2017 16:52:48 +0000 sunnyday 2684144@https://boards.hellobee.com/ <p>We don't max out RESP amounts in Canada and have zero pressure on ourselves to pay for their post secondary. But we do contribute what we can right now. Both DH and I paid/used student loans and paid our loans off ourselves. Based on where I work, employer also pays tuition anywhere in the province for the undergrad so that is a huge helper if they stay in province, too. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684142 Fri, 20 Jan 2017 16:45:14 +0000 sarac 2684142@https://boards.hellobee.com/ <p>My goal is to cover tuition and minimum room and board at an in state college. I assume that our savings won't cover that fully, though. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684136 Fri, 20 Jan 2017 16:32:55 +0000 Madison43 2684136@https://boards.hellobee.com/ <p>We're trying to figure this out now. Ignorant question - for those of you saying that your kids are on their own, what does that look like? I thought I remembered that students are limited to how much debt they can incur in their own name for undergrad. Maybe that's just government loans? We had no money and I went to state school and financed through a mix of loans in my name and loans in my parent's name. Even if you finance with all private loans, wouldn't a parent have to co-sign and potentially make interest payments prior to graduation? </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684129 Fri, 20 Jan 2017 16:20:59 +0000 808love 2684129@https://boards.hellobee.com/ <p>We are not expecting to cover expenses like room and board. We are hoping for financial aid/waivers/grants/scholarships to supplement. Our savings will provide about 50k and have LO contribute anything above that. Both DH and I were first in family graduates and figured it all out on our own. If she gets stuck we will make it happen when the time comes. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684124 Fri, 20 Jan 2017 16:05:49 +0000 Modern Daisy 2684124@https://boards.hellobee.com/ <p>My goal is to have at least $100k for each li but we plan on paying for things in addition to that like spending money so they don't have to work, etc. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684102 Fri, 20 Jan 2017 15:33:34 +0000 Eminthevalley 2684102@https://boards.hellobee.com/ <p>Haven't thought about a total amount. We have twins and put $100/month in each of their accounts, as do my parents. I remember reading somewhere that a good formula to aim for 1/3 of the amount saved, 1/3 of the amount pay-as-you-go (meaning, paying while they're actually in school), and 1/3 of the amount borrowed. I don't want that much borrowed but think having them take a small loan would help build credit and teach responsibility. Like maybe a loan to pay for books &amp; transportation.<br /> I work at a community college and aim to try and have them take some credits there, too. At our college high school students don't pay tuition! So if they took just one college class each summer or school year that could knock out a semester. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684099 Fri, 20 Jan 2017 15:32:42 +0000 Mrs. Pen 2684099@https://boards.hellobee.com/ <p>@pmerr: @Bao: right there with you. My husband's grad school loans are insane. And I want to go to grad school within the next few years too 😩 We'll be paying our own loans for a long time and then need to focus on retirement/personal savings. It's a nice idea to pay for our kids' tuition! But I don't feel badly about not being able to. We both chose modest career paths :) </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684090 Fri, 20 Jan 2017 15:25:11 +0000 sapphire 2684090@https://boards.hellobee.com/ <p>We are working toward saving enough to pay for in state public tuition for four years for both children. If they want out of state or private the kids will need to work/borrow for the rest most likely. We're using a 529 plan. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684084 Fri, 20 Jan 2017 15:20:41 +0000 Mrs. Champagne 2684084@https://boards.hellobee.com/ <p>We max out their resps (Canada) which is $2,500 a year and the government matches up to $500. So $3000 (each) a year plus interest. Should be enough to mostly pay for an undergrad in Canada. </p> https://boards.hellobee.com/topic/goal-amount-for-college-fund#post-2684056 Fri, 20 Jan 2017 14:57:59 +0000 avivoca 2684056@https://boards.hellobee.com/ <p>We are not saving for college. We are concentrating on our retirement. Perhaps when daycare is done. I want my kids to go to college but we do not plan on paying their way. </p>