<p>Yikes, large loans for college are a bad idea, but this is much worse…</p>
<p>[Student</a> Loans on Rise – for Kindergarten - SmartMoney.com](<a href=“Spending & Saving - MarketWatch”>Spending & Saving - MarketWatch)</p>
<p>My mom worked at a national bank for a very long time doing loans and never had someone ask her for a loan to go to K-12 school. </p>
<p>She started working at a small bank in an upper class area around 2008 or 2009. The first loan request that she had was for a loan to cover tuition at the most expensive K-12 school in the state. She couldn’t believe it. The person was asking for $50k for one year… and that didn’t even cover tuition for all the kids. I don’t know whether or not it was approved, but she says it happens too often for comfort.</p>
<p>I could not imagine going into debt for K-12 education, but I say that now as a person without kids. My mind might change as I continue to watch the schools around me crumble.</p>
<p>oy! Hand to forehead.</p>
<p>From the article,
</p>
<p>Now there’s a bad plan if ever I heard one.</p>
<p>“Oy” is right!</p>
<p><em>fast forward x years</em></p>
<p>Child in this article is on CC…</p>
<p>"HELP! How do I afford prestigious expensive school x (but not one that meets full need)??</p>
<p>We have a decent income (let’s say $150k) but my parents have $200k in debt from my k-12 schools and can’t afford to help me at all. I don’t qualify for need-based aid but I do have a full scholarship at a less prestigious school that my parents won’t let me attend it because it’s not highly ranked. WHAT DO I DO?!?!"</p>
<p>Gosh I am in a pessimistic mood today…</p>
<p>If these people have to borrow to pay for K - 12 and then also likely for college, how will they EVER pay it all back? Crazy.</p>
<p>Do they expect repayments to begin when their kid graduates? What bank is going to wait that long for repayment to begin???</p>
<p>The first loan request that she had was for a loan to cover tuition at the most expensive K-12 school in the state.</p>
<hr>
<p>DCDS or Cranbrook? Either way, if you have to borrow to go there, your kid will feel deprived and probably rebel! :)</p>
<p>I swear, people are idiots. That is all I can say about it.</p>
<p>^ Cranbrook. She asked them if they had considered asking the school for financial aid (the man’s salary had been cut when the company tanked). She knew instantly that it was the wrong thing to ask. Financial aid is for “those people” not “us”.</p>
<p>Their poor kid. Mom & Dad will spend all their time and money trying to keep up with the Joneses. Kid will pick up on that and want what everyone else has. When Kid is invited to birthday parties & bar mitzvahs, he will need to buy expensive presents. It will snowball until the whole family is a mess.</p>
<p>Sometimes I am glad to be a “regular guy.”</p>
<p>Check out the FAQs under Affording Cranbrook/Financial Aid. [Cranbrook</a> Schools ~ Financial Aid for Michigan Private School, Boarding School Michigan](<a href=“Maintenance Page”>http://schools.cranbrook.edu/podium/default.aspx?t=108284)
They clearly suggest hitting up grandparents, church and community groups for help with tuition! Just wow!</p>
<p>Doesn’t surprise me at all, gemini. Not at all.</p>
<p>I had a client who took out a huge HELOC so he could send his son to Cranbrook because “the athletic scouts would notice him more there.” Fast forward 15 years. Son was not offered athletic scholarship to any college and his parents could not afford tuition anywhere. Had to take out more loans to send him. Son couldn’t finish school because they couldn’t get any more loans They then lost their house to foreclosure. Now he’s getting married and they can’t afford to attend the destination wedding.</p>
<p>That’s just so sad, 3bm. It’s amazing how well meaning parents can significantly harm their children’s future. </p>
<p>And Cranbook’s tuition is much more expensive than any public school in the state.</p>
<p>
</p>
<p>As well as their own. Sad tale.</p>