<p>Thanks mathmomvt, you have it right in your response to beolein–I’m talking about money that’s allocated towards college costs already. We also have funds allocated towards our IRAs. </p>
<p>D and S know that we’re frugal and live well within our means (we drive used cars, love finding bargains at thrift shops, look for budget ways to have fun) so that we can put away money for their college and our retirement. </p>
<p>D asked me today how much we would contribute towards her college education–she knows that H’s family didn’t give him anything except room and board while he was attending community college, that he had to work lots of part-time jobs and that he’s very grateful for Pell grants and NY state TAP grants. She wasn’t surprised to hear that we were not going to give her a full ride to the most expensive schools. Of course it would be wonderful if she got into Princeton (I ran the numbers and found that our EFC would not bankrupt us) or one of the Cornell colleges that have lower costs for NY residents, she’s an excellent student, but that would still be like winning the lottery, something that we can’t count on. I often find myself wishing that NY had a state school with a ranking like UNC or U of VA.</p>