This past week S and I decided to start saving for Baby E’s college by opening a 529 account. In order to determine how much we should aim to save, we ran some projections. I’m amazed, I shouldn’t be but I am, at how much 4 years of college is going to cost in 18 years. Unbelievable!! We ran 2 scenarios:
1. University of Illinois – Figured it’s a state school and one I’m very fond of. The project is $250,000 for 4 years (tuition, room and board). You read that right. NUTS!!
I should have stopped there but I ran one more…
2. Northwestern – Private school, great reputation. Are you ready for this….$600,000. Nope, you read that right too. I almost lost my lunch when I read that. I guess I can sell a kidney on the open market or something.
I’m just praying that Baby E is some prodigy and gets a scholarship. 🙂