Last Saturday we paid off the last of my student loans; we got Mac's paid off in December. It would seem like we should feel financially liberated by having an extra thousand dollars a month, but in reality we got these loans paid off just in time to start saving for the education of the next generation. According to current estimates, we'll need a quarter of a million dollars if Megan wants to attend either of our alma maters or any other private college in the United States.
From my limited reading, the education IRA is the best deal financially; however, it is limited to $500 per year. Even after 18 years of savings, we'd still barely have enough to cover a semester of community college! There are a few other educational savings plans out there, but I don't really know enough about them yet to be able to compare - one more thing to add to the rapidly growing "To Do" list!
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