How much should a parent have saved up for a child's college?

If you have 100k extra, and would like to start a college fund for 2 small children and a retirement for spouse and yourself. How much should go into the college funds?How much should a parent have saved up for a child's college?
College prices go up at about 7% a year. The amount would largely depend on where your kids will go to school...public or private?


There are several calulators for this that esitmates what future tuition would be and how much it would take given a return rate.


Also depends on whether or not oyu plan to contribute annually or monthly or just a one time amount.


Also you should factor in your age. I doubt your in your 60s given the two small kids....but if you were I would put the entire 100K into your retirment. If you do have time on your side then the factors of kids age and school type will largely determine the amount needed.


Look into 529 plans for your kids education savigns due to the tax advantages.How much should a parent have saved up for a child's college?
Hello


Seek guidence perhaps from the college in question, they should give you a good idea.








Good luck
Research a college that you would like your child to attend, check the yearly tuition, you would have to double the savings for each child, and increase by another 200-500 dollars per year, because the tuition will always go up, not decrease each year, you will then be a little ahead of the game. While your children are young you can also start looking into scholarships that they may qualify for, and of course ingrain in to their heads that the must have good grades, community service as a part of their future, it is never to early to start, don't wait until they are in high school.
If they are still small, start the fund with 25k each. That should be plenty enuff if you continue to put in to it on a monthly basis until they reach college-age.
Actually, I would say look into the college and retirement costs, and then go off of that. Then again, if the colleges and retirement cost more than you have or could get in the immediate future, either wait or just work a little extra and save up a lot more, or look for cheaper colleges, but the latter is not advisable if your kids are very smart, because education is most important after all! GOOD LUCK!!! :-)