In hindsight it’s something I wish we would’ve just done a year ago, but today we finally bit the bullet and opened Christopher’s college fund.

I think the delay was that the last time I researched all of this, I wanted to go with a plan from Vanguard but their 529 offering requires a $3,000 minimum deposit so we’ve been slowly saving towards that, however in reviewing some of my own retirement savings (through T. Rowe Price) I discovered that they don’t have a minimum at all and it only takes a $50/month recurring contribution to eliminate the nominal $10 annual fee, so I guess I finally just figured why not?!

It’s kind of scary to think of what college might cost 17 years from now when you consider that it’s literally gone up over 1,000% over the last 30 years … I’d like to hope that numerous things will happen between now and then to help get costs back under control, but in the meantime any little bit that we can offer our kid(s) is certainly going to help!

Truth be told, neither Sara nor I really got any financial help for our respective educations. I didn’t qualify for any grants, but I only did two years so was able to balance the costs between living at home and putting on credit cards what I couldn’t pay with my job at the time. Sara pretty much got student loans to cover both her bachelors degree as well as her nursing degree when she left teaching to go into nursing, and although the problems with student loans themselves are a rant that is entirely too un-jolly for an advent blog post, I will say that based on her current repayment schedule the last of them are set to be paid of in 2029.

In comparison, Christopher should be starting college himself ONLY FOUR YEARS LATER in 2033!

Regardless however, the numbers are still very much in favor of a college education being “valuable” in more ways than just the economic and as parents, we kind of look at it as our job to make options like that available to our kid when he has to make that all-too-important decision of whether to go off to college right away or to jump headfirst into a nightshift position driving a delivery truck that will slowly eat away at his soul until he finally decides to suck it up and give college a try anyways… 😛

So Merry Christmas, Christopher – very much belated since you were born 18 months ago, but we’ll do what we can to catch this puppy up in the years to come!

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