"Fully funded college"

iVillage Member
Registered: 04-22-2005
"Fully funded college"
38
Fri, 07-17-2009 - 5:51pm

If you're trying to fully fund your child(ren)'s college education, what are you considering "fully funded" - Do you have a particular college in mind and are using that college's tuition and fees as the goal amount? Or are you using some sort of general college cost estimator? Are you basing it on the cost of public college or private college?

In short, is there a point at which you can say "my child's college education is fully funded", and on what are you basing that dollar amount?














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iVillage Member
Registered: 05-10-2009
Fri, 07-17-2009 - 5:54pm
I don't aim to "fully fund" my kids' college. I aim to provide them enough funding that they won't have to scramble for funds, work long hours, take 12 years to finish, etc to the point that they don't get to really experience college.
iVillage Member
Registered: 01-08-2009
Fri, 07-17-2009 - 6:17pm

For us, it's the estimated cost of a four year private college plus reasonable living expenses. We figure that the kid will probably want to work a few hours a week to give themselves more disposable income, but we don't want them working more than about 20 hrs a week during the school year, preferably fewer.

My kids are not Ivy League bound. The older one is looking at half a dozen good colleges in the south, including Rhodes College, the University of Texas at Austin, Southern Methodist, and I don't know what all else this week. The younger one is thinking someplace that has a good science/engineering background and talks about MIT, Caltech, and Purdue. Some days he talks about West Point or Annapolis.

Either of them could go to school for half price at the University where I teach, but with four close relatives on the faculty, and many more close friends who'd be watching them for us, we think it would be overall healthier if they left town!

iVillage Member
Registered: 05-13-2009
Fri, 07-17-2009 - 6:43pm

15 years ago, just before the birth of our 1st child, we sat down with our financial planner and put together a plan to fully fund state university tuition, room and board for 2 children. IIRC, the target in 1994 was around 250K.

Well, we eventually decided to have 3 children, and our plan got blown up a bit. Fortunately, our investments did better than expected too, so we are on track to pay for in state tuition for all three and a good percentage even if all 3 choose a private university. It helps that we make 4 times more than we did fifteen years ago without a major change in our lifestyle. We adjusted our investments with each raise in this order: (1) charitable contributions (2) retirement, (3) education savings (4) home improvements (5) discretionary savings ~ emergency fund, cars, vacations et al, (6) fun frivolous stuff. There was never much trickle down to purely fun stuff.

iVillage Member
Registered: 01-15-2006
Fri, 07-17-2009 - 7:43pm

we never had plans to

 

iVillage Member
Registered: 05-13-2009
Fri, 07-17-2009 - 8:06pm

So you only planned on what %?

Only once? You don't adjust goals as raises, income changes occur? We do have a trusted longterm FA, but we do most of our own investing and we change saving goals often, maybe twice a year.

And 80 - 90 of our portfolio has rebounded due to wise investment advice from a trusted FA.

I don't disagree with this, but don't you think you should be fully informed about how much it going to cost the children to get a degree?

iVillage Member
Registered: 10-17-2003
Fri, 07-17-2009 - 8:09pm

I'd like to pay for college 100%, but it remains to be seen if we can pull that off for 3 kids.


I won't push them to go anywhere in particular, but I'd love to see at least one of my children make up the third generation at Brown!

iVillage Member
Registered: 01-08-2009
Fri, 07-17-2009 - 8:10pm
We took about a 40% hit on our retirement and about 30% on the kids' college investments, but we've rebounded a bit....we're about 25% down on retirement now and about 20% down on the college totals. The only real difference it's made for us has been psychological in that I can't walk away from this job anytime I want to now and still make all of our goals, where for about five years there, I had that luxury.
iVillage Member
Registered: 05-10-2009
Fri, 07-17-2009 - 8:26pm

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I don't.

iVillage Member
Registered: 01-08-2009
Fri, 07-17-2009 - 8:28pm
Do you guys have tuition assistance for dependents? It is awfully tempting to try to sell our kids on staying in town for school because we have the 50% off deal for dependents.
iVillage Member
Registered: 01-09-2009
Fri, 07-17-2009 - 8:32pm
I would love to be able to *fully fund* college for my kids, but it ain't gonna happen.

********
Ducky

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