Do you have money saved for your kids university education? Do you plan to contribute to it? How does it factor in to your thoughts around money saving and frugality?
I was looking to get a general idea of how much university might cost.
| Tuition and Fees | Room and Board | Books and Supplies | Other Expenses | Total | Notes on Total | |||
| In-state/CDN | Out-of-state/ International | |||||||
| CU-Boulder | USD | 11,091 | 34,125 | 13,194 | 1,800 | 2,294 | 28,379 | In state |
| Cornell | USD | 34,209 | 50,953 | 13900 | 64,853 | Out of state | ||
| Univsity of Ottawa | CDN | 5,014 | ||||||
| UBC | CDN | 6081 | 31352 | |||||
| McGill | CDN | 8780 | 14656 | 1000 | 24436 | CDN rate | ||
| University of Toronto | CDN | 7225 | 11493 | 1000 | 1000 | 20718 | CDN rate |
We were saying that we would like to help the kids be able to go to either a school in Canada or a state school without having much debt. It means about 100K per kid in today's dollars though! Back of the envelope Andrew was saying that is about 15K in today's dollars that we need to save every year. Not cheap!
What are you guys thinking?
Hugs, Jen
We have an RESP for the kids, which we have so far contributed the full amount each year (2000 per kid, which gets a grant of 500 each from the government). I can't remember when I have us stopping contributions to it in my spreadsheet, but it should have enough for each kid to have about 40K each at age 18. My parents paid tuition (for undergrad, with interest free loans for my masters) and I paid everything else, which is what we have discussed doing for our kids. We also imagine/expect them to have jobs as teenagers to save some money. 100K seems kind of crazy!
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