<p>zoosermom:
That is exactly how we handled it with my kids. They know our budget. </p>
<p>However, they will not be permitted to borrow $80,000. No way. (I might be able to be talked into $10,000 in loans for the engineering kid, but zero for the liberal arts kid, who wants to go to law school or grad school.)</p>
<p>If it comes April and it’s a big argument, prorate out her payments using <a href=“http://www.finaid.com/calculators/loanpaymentchart.phtml[/url]”>http://www.finaid.com/calculators/loanpaymentchart.phtml</a>
on an $80,000 loan and then do a complete estimated monthly budget for her for 10 years. Include rent, car, insurance (health, renters/homeowners, auto), clothes, food, and NO fun at all. Estimate her teachers salary.</p>
<p>Then ask her what happens if she wants to buy a new car, or go to Europe, or buy a house (!), or have a kid…</p>
<p>My point is that kids have no idea the burden of $1,000/month in student loan payments for 10 years of their life.</p>