| Here's what we are doing.
Thank you all for sharing your thoughts and experiences.
We told our oldest son that he will have to borrow the difference between his grant and college expenses (about 10k a year). This sum should go down his Junior and Senior years as his sisters start college. His expected debt after graduation being around 28k or so. He is ok with this and understood.
We told our HS sophomore that we could afford to help her in the form of a 1/2 tuition discount at the local university where her mother works. If she chooses to attend somewhere else, she'd have to work, borrow, or find grants and scholarships - athletic or otherwise. She wasn't too pleased "I'm not going to _____!" However, now she knows and can plan accordingly. Fortunately for her, her share of the EC should only be about 17,000 or so.
The bottom line is that all four will more than likely make a lot more than we make and will be in a better position to pay off their education debt than we will. This will also allow us to continue to save for retirement, pay down our current debts, and save money for those ocassions where we might need or want to gift our children with some money.
Thanks again. |