Should we make our kids get a college loan?

Depending on which student loans your children qualify for, the interest rates may or may not be a great deal. We chose to provide a loan ourselves. You can make it a real, not just money from the parents, by creating an official IOU that outlines the terms, expectations, etc. This strategy can work well with some kids but not as well with others.

Both of our children had part time summer jobs while in high school and full time there after. Additionally, they also took part time jobs during the school year starting in their 2nd year of college - we thought it was a good idea for them to understand their academic load before taking on employment during the school year. Both ended up finding a good balance with 12 to 15 hours per week. I do think it’s good for a college student to have some skin in the game.

1 Like