High EFC, but want loans!

Momwaitingfornew
Fri, 16 Mar 2007 09:15:17 +0000

I agree that a loan is too abstract for a young adult just beginning to get a sense of the larger world. When kids here - and these are kids who are going to top schools - believe that they can pay off $100,000 in loans over two years, it is staggering to imagine. Not that the OP’s daughter will assume that kind of debt. Still, it’s much better if possible to work them up from paying for things on their own, using real cash, than have them take out loans. I really don’t think a student would feel that she had a stake in her education when she isn’t paying anything yet. You also don’t want her to feel that taking out loans or extending credit is the solution to wanting the best; many people get caught up in that, and end up in trouble.

I want to make it clear that loans are absolutely essential for some families/students. I just don’t think that they should be taken out when they aren’t really needed.