Next fall, I will have a college junior and freshman. I am the parent. My budget estimates that:
- I will completely exhaust my 529 funds
- Both kids need to take about $25k in the federal unsubidized loans over the course of their enrollment
- And, that I will need to bring about $30k in cash funds in the later years
I live in Minnesota.
Should I invest more into the 529 now to address the $30k gap? Is there a benefit to doing so? Any rules to be aware of?
Is it the best strategy to have the kids take out the federal unsubsized loans? Or, is it smarter to approach differently?