OT - How Are You Paying for Your (kids') College?

sell Meth in Barry County, they love that shit over there.

I'm not. 

Back in 2006 when my 1st was born, I bought one full semester of MIs college trust. I also have a few thousand saved in a 529. Unfortunately that all adds up to almost one semester out of state at UM and I have 2 kids. 6-7 years out for the oldest, but the market would have to grow by 30% per year to pay for it all.

Tl;dr I'm screwed

By not having any.

Son will be a freshman this fall. Michigan has an interest free payment plan which lets you spread out the payments, though the term of the payments is relatively short.

We're 2 years out and are nervous as all hell.  We've squirreled away significant chunks of $$$ in 529 accounts for our children, but that will come nowhere near covering the cost of out-of-state UM tuition (yes, my oldest child is extremely interested in UM - my fault for watching UM sports so much.  Also, half my wardrobe is Michigan gear).  

I'm also terrified of the FAFSA mocking us for saving so much in 529 accounts, meaning we will not qualify for any financial aid.   As the OP stated, summer jobs won't pay for the tuition bills unlike a few decades ago.   I need to learn more about the FAFSA in the coming years so we can brace ourselves for financial impact.

I figure saving $500 a month per kid from birth gets me close enough.

By bringing the Warthog out of retirement

Around $115 of debt for my oldest that just graduated - about $12K in refunds on taxes

 

But she has a full time job and between her and us we'll make sure she is able to become completely self supportive without killer her debt wise

 

The youngest is hitting OCC for an associates degree first - we'll see after that - she is only now becoming serious about school - not gonna drop major bucks on her til she proves herself

Sorry to hear about the upcoming expense. Especially when you start to think about the cost-benefit of a college degree (obviously, depends on field of study, cost, job prospects, etc.).

My wife is a professor. Her university will pay for tuition at that school or at about 35 others. Those schools will be encouraged, but not required. If XM or Mrs. XM (hell, even the kid) can pick up a full-time gig at a local university, you might be able to get a tuition benefit.

I am also saving for my kids' college in 529 plans. That doesn't help you out, XM, but any mgoparents with young kids, you should. Growth is tax free, provided it is used for education.

My parents saved a couple hundred thousand up for me and my siblings college, to bad before we would use it one of the parents decided to go insane and spend it all on gambling, alcohol, and who knows what.

we started 529 accounts for our kids when they were born (2013 and 2016), and are putting what we can in. But at the same time, most people I know still have to go into some form of debt. You should definitely look at schools and packages across the spectrum to find the best deal, but I'm a strong believer that a good college education now (costs and all) will pay off in the end if you keep the focus on emerging with useful skills and direction. Doesn't mean you have to bat 1.000 up front, but if you and your kids understand the value of college, short term debt is a fine trade off.

isn't allowed to go to college until we beat OSU and MSU.

3 kids. 529. Heavy contributions while kids are toddlers. Like a second mortgage payment heavy. Should be done (assuming catastrophic failure doesn't occur) when kids are still in grade school. Suffer now for freedom later.