<p>For typical middle class families, I think a reasonable goal is to save enough (from the time each kid is born) to cover all costs of the in-state flagship, minus an “expected student contribution” (ESC). A reasonable ESC would be up to about $8K/year (the sum of the maximum federal student loan plus realistic student earnings.) </p>
<p>State flagships on the Kiplinger “best value” list range from $17K (FL) to almost $30K (CA). So let’s say about $20K/year is a rough national rule-of-thumb for the middle class parents’ contribution. If you save/invest $250/mo. per kid for 18 years at 5%, you’ll more than cover this amount.</p>
<p>Such a formula becomes a bigger challenge with each additional kid. On the bright side, most middle class married couples are earning more when their kids hit college than when their kids were first born. So, you may be able to afford a little more out of current income.</p>