[pyotr]

Remember that most of what colleges call "financial aid" consists of loans at the prevailing rates. when I was in college those rates were 8-10% or so, it took me til 8 years after my graduation date to pay them off and I didn't have a lot to pay (about $20,000). Nowadays, kids could be looking at over $100,000 just for undergraduate debt if they go to one of the top schools in the country. I know that I felt trapped and resentful toward my parents for sticking me with even this low amount of debt (though I would never say so to them); I told myself I would never do this to my kids and I will not.

I have two kids 8 and 3. and I am currently putting $700/month for my oldest and $500/month for my youngest into a 529 for them. I hope to be able to double these amounts within the next 5 years.