So one of the things that they do at work is offer occasional lunch seminars.\u00c2\u00a0 They have a free lunch and have various topics.\u00c2\u00a0 Some are interesting, and some I just go for the free lunch.\u00c2\u00a0 Okay, that’s a lie – I go to all of them for the free lunch.\u00c2\u00a0 But nevertheless, some of them just turn out to be interesting \ud83d\ude42<\/p>\n
So over the past few weeks, I’ve attended two interesting ones – one was about retirement planning in a down economy, and another was about saving for college.\u00c2\u00a0 Of course, as I said to one of my co-workers – the first thing about saving for retirement is taking advantage of free lunches!<\/p>\n
The other day at the college one, I learned about EFC.\u00c2\u00a0 Now, I think of EFC as <a href=”http:\/\/everywhatever.blogspot.com\/2007\/12\/efc-ohio-table-of-contents.html”>Every Freakin County<\/a> but in the context of college savings, EFC is the Expected Family Contribution.\u00c2\u00a0 Basically when filling out financial aid forms, the government looks at your income and assets and determines how much you are expected to contribute to your child’s education.<\/p>\n
It was interesting.\u00c2\u00a0 There are of course a plethora of online calculators for EFC.\u00c2\u00a0 I used <a href=”http:\/\/www.finaid.org\/calculators\/finaidestimate.phtml”>this one<\/a>.\u00c2\u00a0 I just plugged in my tax info and assumed it was 10 years from now (one of the things it asks for is the age of the oldest parent).\u00c2\u00a0 It came up with an EFC of $6,000.\u00c2\u00a0 So then I ran a few spreadsheet simulations to figure out when different folks would be in college.\u00c2\u00a0 Accounting for missions and such, and assuming 5 years per kid, it looks like we will have 3 in college in 2025, 2026 and 2029.\u00c2\u00a0 The EFC is not per student but per family, so if you had an EFC of $6,000 and 2 kids, it would be $3,000 per kid.\u00c2\u00a0 Though your EFC goes up (but not double) as you have more kids in school.\u00c2\u00a0 So with 2 kids in school maybe your EFC would be $7,000.<\/p>\n
Anyway, my (really rough) calculations said that 5 kids at 5 years per kid will cost us about $100,000.\u00c2\u00a0 And that is just to pay our EFC – the rest would have to be either loans, grants, scholarships, or additional savings.\u00c2\u00a0 But it definitely made me feel a little better about things.<\/p>\n","protected":false},"excerpt":{"rendered":"
So one of the things that they do at work is offer occasional lunch seminars.\u00c2\u00a0 They have a free lunch and have various topics.\u00c2\u00a0 Some are interesting, and some I just go for the free lunch.\u00c2\u00a0 Okay, that’s a lie – I go to all of them for the free lunch.\u00c2\u00a0 But nevertheless, some of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[101,8,15,53,3],"tags":[303,102,294,275],"_links":{"self":[{"href":"https:\/\/www.regoarrarr.com\/blog\/wp-json\/wp\/v2\/posts\/360"}],"collection":[{"href":"https:\/\/www.regoarrarr.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.regoarrarr.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.regoarrarr.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.regoarrarr.com\/blog\/wp-json\/wp\/v2\/comments?post=360"}],"version-history":[{"count":1,"href":"https:\/\/www.regoarrarr.com\/blog\/wp-json\/wp\/v2\/posts\/360\/revisions"}],"predecessor-version":[{"id":361,"href":"https:\/\/www.regoarrarr.com\/blog\/wp-json\/wp\/v2\/posts\/360\/revisions\/361"}],"wp:attachment":[{"href":"https:\/\/www.regoarrarr.com\/blog\/wp-json\/wp\/v2\/media?parent=360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.regoarrarr.com\/blog\/wp-json\/wp\/v2\/categories?post=360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.regoarrarr.com\/blog\/wp-json\/wp\/v2\/tags?post=360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}