Pretend that you are the parents of $2$ children, ages $8$ and $2.$ You would like your children to go to college, but you have not started saving for college yet. Create a plan to start saving now, with systemic deposits into a savings account, for their college. Your plan should meet your specific goals for your children, including:

Will your children go to a public university or private university? Two year degree or four year degree? Based on this, estimate how much you need to have saved by the time they start college. Include room and board if they will not live at home.

Will you pay for all of their tuition, half of their tuition, some other percentage?

Do you expect them to get scholarships to offset their costs? If so$,$ estimate the amount you think they can earn in scholarships $($or ignore if you prefer to be conservative and not take scholarships into consideration$).$

Don$$t forget to take inflation into account when estimating the cost of college in the future.

Based on your college plans for your children, write a $1$ to $2$ page paper outlining your plan to save for their college education, outlining all the assumptions that went into your calculations, and the calculations performed to arrive at your plan.