Unusual college savings situation

[Like2Plan]

So the question becomes how to divide everything up. I already wonder how much should be accumulated in a 529 to avoid having to pull money out for non-qualified expenses (and pay the penalties that result). If some of that $600/month will go toward college costs, that lessens the amount we need to save in advance.

If this were your situation, how much of the $600/month would you expect/require your kid to put up toward college costs? Would you reduce what you were putting into the 529? Would you cut back the 529 contributions but put that money into an alternate account earmarked for college if needed?

Curious to hear your thoughts.

disneysteve,
You have to decide how much you are going to fund for college. I do not think you will be overfunded if you continue to save at your present rate.

Will your DD go to a private college? When it comes time to draw down the 529 funds--use the 529 money first and have your DD put the 600.00/month into an account that would be used in case you run out of 529 money. At the end of college, your DD could pay cash for a car if the funds were not needed.

[disneysteve]

Will your DD go to a private college?

I have no idea. I didn't make the final decision of my college until senior year in high school after I had applied and interviewed at a couple of places, some private, some public.

That's what makes college planning so challenging. You are trying to plan for something without having any real idea of how much it will cost.