Comments on: Saving for college - when to stop it http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/ Moving beyond the basics Wed, 19 Nov 2008 16:47:08 +0000 http://wordpress.org/?v=2.2.2 By: Steve http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-30730 Steve Fri, 11 Jul 2008 13:17:15 +0000 http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-30730 I recently graduated from college, and i took out loans for a majority of my time in college. Looking back now I dont regret taking loans out to go to college, it's a lot of money yes but I would never have wanted the financial burden of my school to go on my parents, it's my choice to go to college so I should have to pay for it, it's just like taking a trip in my opinion, it's just 4 years worth. I recently graduated from college, and i took out loans for a majority of my time in college. Looking back now I dont regret taking loans out to go to college, it’s a lot of money yes but I would never have wanted the financial burden of my school to go on my parents, it’s my choice to go to college so I should have to pay for it, it’s just like taking a trip in my opinion, it’s just 4 years worth.

]]> By: Ken Clark, CFP http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-22103 Ken Clark, CFP Wed, 26 Mar 2008 06:26:06 +0000 http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-22103 Great article... I'm all for holding off on college savings to keep the roof over your head... As we often say, "You can get a college loan... there are no retirement loans." Ken Clark, CFP CollegeSavings.About.com Great article… I’m all for holding off on college savings to keep the roof over your head…

As we often say, “You can get a college loan… there are no retirement loans.”

Ken Clark, CFP
CollegeSavings.About.com

]]> By: Mark @ TheLocoMono http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-22076 Mark @ TheLocoMono Wed, 26 Mar 2008 02:16:00 +0000 http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-22076 Even though I don't have any kids, why not still contribute some money if not the full 12K, even 5K a year still adds up. Who knows? Your kid might want to wait a year or two before going to college, see what the real world is about. I guess my question is where does it say that parents must meet the maximum contribution? Even though I don’t have any kids, why not still contribute some money if not the full 12K, even 5K a year still adds up. Who knows? Your kid might want to wait a year or two before going to college, see what the real world is about.

I guess my question is where does it say that parents must meet the maximum contribution?

]]> By: Leslie Raymond http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-21910 Leslie Raymond Mon, 24 Mar 2008 20:15:16 +0000 http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-21910 Thanks for the post - I have two kids under 3, and both have 529 accounts but I'm wondering how much I need to put into those accounts. I want my kids to have an opportunity for a good education, but with the price of gas, rent, groceries, etc. skyrocketing, I really haven't been able to put much into the accounts lately. Thanks for making me feel better about it! I'm not a financial genious, but look to experts like you to help me make these decisions. Good post! Thanks for the post - I have two kids under 3, and both have 529 accounts but I’m wondering how much I need to put into those accounts. I want my kids to have an opportunity for a good education, but with the price of gas, rent, groceries, etc. skyrocketing, I really haven’t been able to put much into the accounts lately.

Thanks for making me feel better about it! I’m not a financial genious, but look to experts like you to help me make these decisions. Good post!

]]> By: Peter http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-21868 Peter Mon, 24 Mar 2008 13:14:45 +0000 http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-21868 John and KMC, Both good points. However, you can't get on the advisor for stating the facts. This advisor might deal with a higher net worth client. If that's his market, then maybe those numbers aren't so far fetched. KMC, I was using a college cost of $35k. Again, if you were planning for a scenario where you wanted to fund the entire college education (which I do), and don't want to bank on your kids not going to one of the more expensive schools (which I of course wouldn't get lucky enough to have happen), than I believe those numbers to be correct. My goal isn't to undersave for the event that my kid gets into Harvard and I am stressed trying to find the money for it. I do understand the fear of it being a daunting undertaking. Trust me, I get that one. John and KMC,

Both good points. However, you can’t get on the advisor for stating the facts. This advisor might deal with a higher net worth client. If that’s his market, then maybe those numbers aren’t so far fetched.

KMC,

I was using a college cost of $35k. Again, if you were planning for a scenario where you wanted to fund the entire college education (which I do), and don’t want to bank on your kids not going to one of the more expensive schools (which I of course wouldn’t get lucky enough to have happen), than I believe those numbers to be correct. My goal isn’t to undersave for the event that my kid gets into Harvard and I am stressed trying to find the money for it.

I do understand the fear of it being a daunting undertaking. Trust me, I get that one.

]]> By: KMC http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-21859 KMC Mon, 24 Mar 2008 11:30:37 +0000 http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-21859 @ Peter - Just going by savingforcollege.com's calculator, saving from ago 0 and using conservative numbers, they say it's $7,224 per year for a private school ($25K/year). My point is that saving $10K per year for college is way, way unrealistic for almost all people. I think putting numbers like that out discourages people from saving or, at very least, makes them feel bad about what they are saving. @ John - You make an excellent point. 100% funding isn't necessary. I'm sure any kid would appreciate whatever help a parent could give. @ Peter - Just going by savingforcollege.com’s calculator, saving from ago 0 and using conservative numbers, they say it’s $7,224 per year for a private school ($25K/year). My point is that saving $10K per year for college is way, way unrealistic for almost all people. I think putting numbers like that out discourages people from saving or, at very least, makes them feel bad about what they are saving.

@ John - You make an excellent point. 100% funding isn’t necessary. I’m sure any kid would appreciate whatever help a parent could give.

]]> By: John Hunter http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-21798 John Hunter Sun, 23 Mar 2008 18:29:33 +0000 http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-21798 Very good post. For retirement, I think it would put you in the top 3% (or something much higher than the top 10%). Unless you are very wealthy (even just comparing yourself to others in the USA now) that level of college savings is a bit crazy. Given the current costs of college, looking at 100% funding with saving is unrealistic for most parent. Saving some to fund some expenses is a good goal I think. Very good post. For retirement, I think it would put you in the top 3% (or something much higher than the top 10%). Unless you are very wealthy (even just comparing yourself to others in the USA now) that level of college savings is a bit crazy. Given the current costs of college, looking at 100% funding with saving is unrealistic for most parent. Saving some to fund some expenses is a good goal I think.

]]> By: Peter http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-21776 Peter Sat, 22 Mar 2008 20:10:23 +0000 http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-21776 Just reading this. I'm missing the point about how much to contribute annually to my son's college fund. I'm doing the numbers and am coming up with at least $10k per year necessary to save per year so he has enough for college. Why are you going after that advisor? Do you expect him to give everyone an incorrect number so that they fall short of hitting the amount of money they'll need to save? His giving viewers false expectations doesn't seem like it would be right. In all do respect, I think your off on this one. Just reading this. I’m missing the point about how much to contribute annually to my son’s college fund. I’m doing the numbers and am coming up with at least $10k per year necessary to save per year so he has enough for college. Why are you going after that advisor?

Do you expect him to give everyone an incorrect number so that they fall short of hitting the amount of money they’ll need to save? His giving viewers false expectations doesn’t seem like it would be right.

In all do respect, I think your off on this one.

]]> By: Jeff http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-21670 Jeff Fri, 21 Mar 2008 22:55:46 +0000 http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-21670 The T Rowe Price guy makes a living on getting people to fund 529 accounts. You have to take his advice with a proverbial grain of salt. I'm with you. There are higher priorities than funding your kids' college education. For example, it's important to fund your own retirement so your kids won't have to support you in your old age. I would rather rack up student loans than face the uncertainty of trying to fund my parents' retirement at the same time I'm starting my own family. My dad paid for his kids' education through high school. My siblings and I were on our own after that. We all found a way to go to college, and several of us went on for a masters degree, PhD, or JD. The T Rowe Price guy makes a living on getting people to fund 529 accounts. You have to take his advice with a proverbial grain of salt.

I’m with you. There are higher priorities than funding your kids’ college education. For example, it’s important to fund your own retirement so your kids won’t have to support you in your old age. I would rather rack up student loans than face the uncertainty of trying to fund my parents’ retirement at the same time I’m starting my own family.

My dad paid for his kids’ education through high school. My siblings and I were on our own after that. We all found a way to go to college, and several of us went on for a masters degree, PhD, or JD.

]]> By: Home finance http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-24809 Home finance Wed, 31 Dec 1969 17:00:00 +0000 http://advancedpersonalfinance.com/saving-for-college-when-to-stop-it/#comment-24809 <!--%kramer-pre%-->Original post:Saving for college - when to stop itby at Google Blog Search: home finance Blog tag: Home finance Technorati tag: Home finance<!--%kramer-post%--> links from TechnoratiOriginal post:Saving for college - when to stop itby at Google Blog Search: home finance Blog tag: Home finance Technorati tag: Home finance

]]>