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what happens if parents refuse to pay for child?


Replies to: what happens if parents refuse to pay for child?

  • sybbie719sybbie719 Super Moderator Posts: 22,312 Super Moderator
  • coolguy40coolguy40 Registered User Posts: 1,856 Senior Member
    That is correct. If he goes to Princeton, it has to be paid for. I'll tell you this, co-signing $250,000 worth of loans over to him would be far too much debt. Basically it's financial suicide. If he has trouble making his payments (and, trust me, he will :) ) The bank will seize YOUR assets, which could include your house. If I were you, I would look at something more affordable.
  • lyndonwslyndonws Registered User Posts: 15 Junior Member
    Have you confirmed that Princeton won't accept income/tax information from your country? They accept FAFSA, but also their own PFAA. They may determine you have high need and award institutional aid according to the chart on this page. You may need to make an international call ...
  • thumper1thumper1 Registered User Posts: 73,216 Senior Member
    edited May 2018

    The part “from” England and is where the poster went to college. BUT...he now lives on Long Island....not abroad.

    The parent current income is from here! Not abroad.

    This OP has not responded to questions about assets, or whether they applied for aid...or whatever.

    Garbage in, garbage out. Folks have been tying to help. But with incomplete information, it’s very hard to give even remotely helpful suggestions.

    But one thing they don’t need to worry about is income earned abroad. They live here...in NY...on LI.
  • lyndonwslyndonws Registered User Posts: 15 Junior Member
    Yeah ...based on the chart I linked, it's likely income is >$250K. Even so, they'd get some need-based scholarship, so paying the full bill is a kerfuffle.
  • lookingforwardlookingforward Registered User Posts: 30,634 Senior Member
    It's excesdingly rare for 250k to get need based aid, certainly not almost half tuition. Like many colleges, P used the word "average," which tells us nothing of the back stories, except that it notes most have 2 in college. There could also other circumstances.

    As thumper noted, OP hasn't even said if they did apply for aid. He initially implied the loans could be 70k/year and sure hasn't said a word about it being a lower number.

    It doesn't matter if he gets the loans from Princeton. That doesn't change the basic problem: principal in the amout of 280k. Crazy.

    And nor does it make a big difference if his kid gets by without an employment credit check (say, if the loans stay in Dad's name.) It is still 280k that someone needs to pay. With two other children at home.


    Nor has OP confirmed if his son is headed for a lucrative career like finance, med scool, law, etc. All he has done is repeat about internships. For all we know, hs kid is interested in something humanities related, a non-profit, social services work, teaching. Or the arts.
  • austinmshauriaustinmshauri Registered User Posts: 7,701 Senior Member
    @lyndonws, A $250k income + $0 or low assets may qualify for a little need based aid somewhere. I don't think a $250k income + large assets or a $250k income + business ownership will. We don't know which situation applies to OP.
  • britboynybritboyny Registered User Posts: 11 New Member
    we have the money in a 529 for the first year. We have a 401K. Im hoping neither of these were detrimental to us getting no financial/merit help because that would be a sad disincentive to be responsible. The fact that this information was asked surprised me. I have friends on a similar income (both parents on 6 figures but definitely middle class) and thier children went to "lesser" schools for more money - another reason for being grateful that my son got into an ivy (price does not reflect quality it reflects demand). The point of my initial thread was based on being brought up in the uk (lived here as a us citizen for 20 years) and noticing the differences. This country rightly or wrongly makes a closer association between the parents finances and a child's welfare. In England the state takes care of the child's healthcare and education (and its paid back in higher taxes). I was really interested in what happens if a parent refuses to financially help a child go to college. Do they lose the opportunity? Do they have to wait until they are 21?
  • ordinarylivesordinarylives Registered User Posts: 3,087 Senior Member
    yes, if the family refuses to pay, the child often loses the opportunity to attend a private 4 year sleep away college right out of high school. Community college tuition can often be paid with a direct loan, so if a student can live at home, he or she does not lose all opportunity to go to college at 18. A student is independent for the purposes of financial aid at 24, not 21.

    I will add, too, that while the European system is funded through higher taxes and offers a nearly free education, the system is far more restrictive than what we have here. Students advance through high stakes testing and not nearly as many can get in to the public universities. Now, if your child doesn't get into the publicly funded university, and you want him or her to have a bachelor's degree, what do you do? ... Pay for a private education on top of all those taxes.
  • SybyllaSybylla Registered User Posts: 2,748 Senior Member
    edited May 2018
    I think you have some rose coloured history specs on, UK student debt is now a big deal and plenty of Brit kids don't go to university because of money. Many US state schools would be cheaper in-state than a UK school on home rates. For UK kids the COLis the killer. As you are probably old enough to have sat the 11 plus you would also know your path was set at a very early point. One bad day and you could have been much less fortunate, had you been from the wrong side of the class divide. There seems to be no financial aid for UK kids, period. Loans only.
  • jym626jym626 Registered User Posts: 56,061 Senior Member
    How much is in the 529? That’s for your kiddo’s education. Why do you see it as a problem for the school to inquire about it?
  • britboynybritboyny Registered User Posts: 11 New Member
    if i save money for college (i do) and my college fees are increased because of it that's a disincentive to save. same for my 401k.
  • britboynybritboyny Registered User Posts: 11 New Member
    11 plus was my parents. I actually left school at 17 with O levels, traveled the world for a few years before growing up and deciding to go to university. I didnt have the required A levels and as such went to my local university on a foundation course which got me into the London School of Economics. In some ways i screwed the system by having a free ride and them moving to the US. University loans in England are up to 10K pounds a year which is alot for them but they dont have to pay back the loan until they hit an income that determines they can pay it back, which i would like to see here. Yes its a fallible system that entry to a university course is based on exam results only, but i was able to take a foundation course with no exam results and get into university.
  • lookingforwardlookingforward Registered User Posts: 30,634 Senior Member
    The 529 and 401k are two different animals. Assets in a QRP ( qualified retirement plan) aren't counted toward college expenses. A portion of the 529 is, along with any liquid assets.
  • jym626jym626 Registered User Posts: 56,061 Senior Member
    edited May 2018
    Your college fees ARE NOT increased b/c you saved for college. You may not get as much in “need based aid” since you don’t have need. It is amazing when people think others should pay for their kids’ education. Saving for college gives families (and students) the freedom to choose the best education/fit and not be dependent on what costs schools will cover. College may be “free” in other countries, but thats rarely the case in the US. Go to school here, accept the policies.

This discussion has been closed.