Craig $(46)$ and Liz $(36)$ aren't sure about how they are saving for their children Lily $(7),$ Ellie $(4)$ and Lincoln $(18$ months$)$

Craig is a professor at UIUC and Liz stays at home with children.$$ They both work full time and have some funds already set aside for college. They have different higher education goals for their children and would like you to run an analysis of what type of funding, asset allocation and initial resources should be allocated to meet each goal.

Craig would like to provide for four years of undergraduate education for each child. The first two years including $100\%$ room and board costs, the second two years only covering $50\%$ of room and board costs. Craig would like to save enough for his children to attend an in$-$state public university. Craig is conservative and does not want to assume any tuition or fee waiver from being a professor.

Liz would like to provide for four years of private education for each child, including all room and board costs as well as budgeting enough for holiday plane tickets home.

Lily currently has $$85,000$; Ellie $$75,000$ and Lincoln $$20,000$ in the Illinois Bright Start $529$ plan. All children are invested in "Index Moderate Age Based Portfolios".

For $2022,$ all accounts are being funded with $$100$ weekly contributions. Craig and Liz previously invested the proceeds of a business sale into these accounts. Liz and Craig have $$30,000$ cash they can allocate towards this goal, but would rather spend on upgrading the home. They are able to save more monthly if your analysis requires it$.$

Please complete an education funding plan providing:

$1)$ A list of all assumptions you are making in this plan. Please include college inflation rates, market return expectations, estimated broken down higher education costs and any other assumptions needed to help Liz and Craig plan for college. Please provide references for your assumptions.$$

$2)$ Using the methodology outlined in this section $-$ and your time value of money skills $-$ please provide a saving recommendation for both Craig and Liz's goals. In this recommendation include

Considering existing $529$ account balances, how much should Craig and Liz save weekly into each account to meet their respective goals?$$

How can Craig and Liz accumulate funds with an eye on financial aid?