I’m saving for college for my son in a 529. I’m not really interested in the debate over whether I should or shouldn’t, I’d also love to avoid politics.
I’m trying to figure out how much I need to save for 4 years at an in state public school. Fidelity (where my 529 is held) estimates that the cost for 4 years will be $122,000. I am in Washington State, right now, 1 year tuition at UW is ~$12,600. So about $50K for 4 years. Is tuition seriously going to go up 2.5x in the next 17 years? I know it’s possible, but is that realistic?
Which then leads me to, how much should I save? If I plop $20K in there right now, at 7% return I should be at around $65K when he graduates. Or if I drop 7K in and $250 every month, he’ll be at $121K when he graduates, which is more in line with Fidelity’s estimate.
Just not sure what to do and just kind of blindly throwing money in right now.
Submitted June 25, 2024 at 11:42PM by CappinPeanut https://ift.tt/APeG76N
