Money for College

DougBetsy
Wed, 06 Aug 2008 16:15:12 +0000

I’ve pondered this many times and I think we’d handle it this way if the need arose…


Stay in state
Look for merit aid opportunities. This may mean applying to lots of safeties because they’re more likely to entice high-end students with money. This could also mean privates in addition to in-state publics.
Look for a school with a monthly installment plan
Determine what the family can afford to “cash flow” on the monthly installment plan.
Have the kid borrow the max unsub Stafford
We parents borrow the rest. I don’t know if we’d borrow against the house or PLUS loans. That would depend on the amount and our circumstances at the time.


ETA: I agree with tsdad. NEVER borrow from the 401k.