In 16 years, either I will have two kids in college and I can pat myself on the back for a job well done, or I will have the best party $50,000 can buy. We just beat the deadline to lock in the current rates for the Florida pre-paid college plan, and I have now agreed to dish out over $200/month for the next 12 years to ensure that Zachary and Jonah will at least have their college tuitions paid for.
In these economic times, the thought of parting with another $200 a month doesn’t thrill me. The thought, however, of my boys having the opportunity to attend college and not worry about where the tuition is coming from does thrill me. Oh, and not having to pay the projected $141,000 (EACH) to send them tickles my fancy too. 🙂
This post was generously brought to you by Outer Banks rentals. The boys don’t go to college, I could buy a few rentals of my own!
Tags: 529 plan, college tuitions, education, florida pre paid college, florida pre paid college plan, Jonah, money, pre-paid college, school, Zachary
Good choice Web-Betty. I bought a couple of single payment life insurance policies, protection and growth, to pay for my kids. Twenty years ago I couldn’t imagine college would cost more than $20K each would grow into. But guess what….by the time they got there tuition, books, fees, fraternity/sorority dues, food, and entertainment cost a lot more than the $20k policies grew into.
So I think you made a wise choice!
There’s no way we could save enough money in this day and age to cover college costs for 2 kids, so I agree, this was a good choice. I’m hoping they will both be brilliant and earn some scholarships to cover the expenses above and beyond the tuition. (We can barely afford the tuition-only plan–it doesn’t cover boarding, books, etc. 🙁 )
We started an RESP for Xander. Every month I put in his child care subsidy cheque in there.
So I guess the government will be paying for his education. Heh.
Except that my taxes pay for the government so….bah, never mind.
It’s a vicious circle, isn’t it? 😉
It may seem hard now but you will certainly reap the benefits later. My older two have now finished Uni (9 years of full time study between them) and are starting to pay back their student loans – they pay a small percentage of what they earn each pay period after they start earning over a certain amount. I don’t think the costs are as high here in Australia though. We get more government subsidies.