Investing in 529 college savings plan
Do you invest in a 529 college savings plan for your child? If yes, how much do you contribute monthly/weekly? I was checking out the scholarshare529 plan and according to their calculator it’s seems I will need to save close to ~700k to send my child to private engineering school after 18 years, accounting for college tuition inflation at 6%. I just chose engineering as an example, but other disciplines are high too. Edit: Please also mention your preferred 529 savings account. Currently, I am investing $200 per month in ScholarShare529 saving plan in a passive Age based portfolio.
$150K saved total for multiple kids, plan to get to $500K by the time they get to college age. Should cover state school + housing. Note that “inflation” as it relates to college education is just for the list price. The game the last 40 years has been massive price discrimination where 70% of people get aid. That trend will likely continue.
Inflation at 6% means we're all screwed. I try to put 5-10k/year in it with the assumption that "education" then won't necessarily be college.
Same here 10k per year with assumption that education won't be necessary
I know. I was amazed at the inflation rate they attribute to college tuition. I have a similar viewpoint that college education won’t be necessary in future. With online courses becoming ubiquitous, I am hoping everything is available for free on platforms similar to YouTube.