We have one daughter, almost 12. I started her 529 plan in 2002 and currently have about 22K in the account. My parents paid most of my college expenses and I hope to be able to do the same. I finished college with just $14,500 in loans. Of course, then came med school and the final loan total was $102,000.
With all due respect to others who feel differently, I am not a fan of students having to have jobs to support themselves while in school. I had many friends in college who were in that position and it always seemed to be a huge strain on them educationally and emotionally. When she is in school, I want my daughter's focus to be on her studies, not on working overtime so she can afford her books.
That said, I absolutely agree that your own financial well-being must come first, including retirement savings. We are fortunate to be able to have our other needs taken care of and still save for college. If you can't do both, though, college needs to be the lower priority.
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Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.
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