“Of course, high achieving students may have lower college costs. They may get better scholarships, get into colleges with better financial aid, and not need extra semesters of school to graduate.”
Of course, high achieving students may have the highest college costs of all!
Since they can gain entry to the highest priced fancy colleges. Those colleges have zero merit aid and will give you no financial aid if the kid is bringing a big 529 account along.
The kid who gets into Princeton can certainly pay less by attending USC or Tulane on a merit scholarship. But if the kid goes to Princeton, you’ll pay 100% of the sticker price.
Probably a safe assumption that any earnings on a 529 will be washed out by sticker price inflation.
The OP, while better off than most, is under-funded. You’ve only got 75% of state school cost covered. You (rather than the kids) will wind up paying most of the remaining 25%. And if private school comes into play, all bets are off.
“My goal is to not drop another penny into the accounts in the next 15 years and be able to pay for our parent share.”
Yeah. And my goal was to win the Powerball.
You are totally smoking it thinking that you’re not going to have to put in any more money. If you don’t save more now, you will wind up paying the gap costs out of current income when the tuition bills arrive in 15 years. That’s not a terrible situation, but it isn’t your plan.
