$500K / kid for a 4-yr degree at a private college does not necessarily equate to a good ROI for that kid or parent. Depending on when one has to fund their college, what they want to study may change and not all fields of study are worth that much investment.

An in-state public university typically has a more reasonable tuition. E.g. in CA (where OP is based), UCSD quotes $39,591 per year all-in for CA residents which ends up at $160K / kid for a 4-yr degree.

 

I went to a private university and wouldn't wish it on my worst enemies.

Public universities for the win.

 

If your kid is 5 years old, by the time that they are college age, you can expect the cost to be double of what it is today.

Yes, the perspective of people who have already paid for it is going to be different from the folks who aren't dealing with it.

 

True and I am a big fan of State universities. But that value has also made them very desirable to everyone else and a lot harder to get into. What if your kid can’t get into UCSD or any of the other good UC schools but does get into a strong private school? College admissions is a total cluster F these days - made worse if your kid can’t check a diversity box.

Better to have the money (and no 911) and not need it than need it and not have it.

 

Agree, public universities are oversubscribed and its better to have the money (and no 911) and not need it.

Depending on the kid, scholarships are also an option. I would want my kid to have some thirst and hunger to go get a scholarship instead of just expecting that "parents will cover it."