Yes. This. Our financial planner suggested we maximize retirement contributions and we did. He said that t was worth it to have a nice nest egg there to continue earning interest IF we needed to reduce those contributions to pay college costs. As it happens, we didn’t need to do that… but we saved for retirement…not college.
Then again…both of us works FULL TIME. Anyone who has read my past posts knows that we used MY take home pay to pay for college…and DH’s paid the rest of our bills. But this onkynworked because I had sufficient income to PAY the college bills out of my current earnings.
Here is what I see in your posts…your oldest kid is going off to college. And NOW…just NOW you are starting to look at how the finances will affect you and your family. Your wife hasn’t yet gotten that full time job. You are willing to cut back significantly on your lifestyle and spending…honestly…your whole family will be affected by this. How will your younger kids feel as this takes place. No more nice expensive vacations, no new cars, no expensive club memberships, etc. it’s a lifestyle change for your whole family…and IMHO, you are looking at this at the 11th hour…after the applications were sent in.
If you are taking these loans…it’s a parent issue. If your total lifestyle is going to need to change…it’s a family issue…and you need to consider the impact this will have on the whole family.