momofsenior1 wrote: »
If we were unable to foot the bill, our D would have gone to the regional university where she got a full ride. We would not have allowed her to take out loans, nor would we have been willing do so ourselves.
SJ2727 wrote: »
While you're at it, use the calculator to see what the total interest paid over the life of the loan is, so that the kid can see that the "$200k loan" is actually much, much more. If it is the child insisting on going and saying they'll repay the loan, then hopefully that should inject a dose of realism. If it is the parent, realize that "making the child pay back the loan" is something that may need to wait a few years, and that the parent is on the hook in the meanwhile.
you are willing to pay for your daughter's education but do not allow your daughter takes out the loan by herself
thedreamydaisy wrote: »
We are a family who can not afford an expensive college and our son knows that. He is applying to in-state public schools and may need to take out some of the fed loans depending on whether he gets any financial or merit aid. We will pay out of current income for the rest (we do not have college savings due to a tougher time financially during the recession). We will not take out (or co-sign for) large loans for an expensive school. He will get a good education from one of our Cal State schools and that's what matters to us and him. Thankfully, our family is not driven by prestige.
Why do you only focuse the amounts but instead of say something about your decision how to get the money for your kids to pay for the expensive top school tuition?
If you are unable to offer the top school expensive tuition, you just let your daughter go to inexpensive college. Is it correct?
Pay for your kid’s expensive top school tuition or take out loans by kids themselves
NCKris wrote: »
There may be some families that expect the student to pay them back later, or take care of them in old age or take loans with Home equity or 401k etc. but that is your OWN decision.