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9 year old and $45k.
Aiming for $100k by 18 which should be easily achievable. Opened account at 2 month old and put in $200/month.
Yeah good luck. Loans today for kids that are tied to their parents are minimal. The burden has shifted to the parents so kids don’t rack up debt in college. As an example, my kid could get 5k a year in loans and I could pick up the rest of her costs as a parental loan at 6% interest. If I had wanted to go the loan route and of course the juice is running day 1 on those loans.
Rising Star
6 years: $60k
4 years: $45k
Just do the best you can.
Got prepaid tuition plan for both kids 100k when they were 5. Have set apart 300k in brokerage.
Are there tax benefits in California for a 529?
Rising Star
Withdrawals are still free of Ca state tax. There’s just no deduction for your contributions.
6 months. 11K.
8 yrs-old, $50K in 529 plan... estimating it grows to around $130K-$140K range till my child turns 18, with monthly contributions of around $500...Interesting choices to be made when the college time comes 😊
I just started on 529s for my kids this year. How much of having a 529 impacts their eligibility to get financial scholarships?
Rising Star
Most financial aid offered is subsidized student loans (used to be up to $6k per year). Most people on this app will not qualify for any other type of financial aid.
2 YO, 4 MO
12k
4.5 Yo $35k in 529 and 29k in his Roth IRA/Roth Alternative..diversifying in case he doesn’t go to college
Expecting baby in summer. $10k now but planning to superfund when born.
2YO $21k - plan to front load as much as I can after maxing out retirement each year until we get to $100k then let it ride and grow on its own. Don’t plan to cover all college expenses.
A1 - exactly right. I’m done contributing. Can also let it sit and change over for grandkids someday vs taking the penalty to withdraw.