You sound like one of those a-hokes who want blue collar people to pay off your kids loans. Screw colleges and the privileged brats who go there. |
Huh? Low cost of living could mean Charlotte NC or Buffalo NY. They could meet their spouse in college and move together (smart move by my siblings who shared a combined debt of loans from medical and veterinary school). It doesn't have to mean east bumble f*ck. Or it could if it is what the kid wants, so be it. Worrying about or trying to control where they live for marriage prospects sounds meddlesome. |
You could help them with a down payment. Many families do that if they’re financially able. |
What is this, 2009? My sister’s house in a middling Charlotte suburb cost over 900k and she got a crappy interest rate. |
Most cities have rising housing prices and often people have to go where the jobs are. We are limited in where we live due to one person. |
Federal loans are capped at 5.5k, so are you talking about private loans?
Private loans are very predatory. They have sky high interest rates, no forgiveness or deferment, and above a certain limit based on the family’s finances, are actually the parents’ debt, not the student’s. Personally, we are paying for our kids’ college in full because we want to teach our children personal responsibility. Part of being responsible includes paying your own way and we don’t qualify for government grants of any kind. We want to teach our kids to be contributors to society, not liabilities to society. No matter how you bend the facts, those 5.5k federal loans are taxpayer subsidies. We don’t want our kids to learn to expect government subsidies. |
Same here. The ones that did had family tragedy (a parent in prison, multiple divorces, parents not working claiming disability in their 40s, etc.). |
The new FAFA no longer considers number of kids in college at the same time. Can’t say what was done last year but that’s what is happening now. |
I think this depends if you can afford it. If you are driving a $50k+ car and have a remodeling kitchen but your kid is taking loans, it’s not a good look. If you truly can’t make ends meet if you save for college, that’s different. |
Because me me me me me! |
Same, and please counsel your kids about their school choices if you are not going to pay. They need to know WELL in advance what you will and will not pay for. |
We plan pay between 80-100% of an in state public undergraduate degree. The way that loan companies go after young adults who have zero experience is shameful and can impact them for the rest of their lives.
For grad school, we’ll work with them on choices and financial pros/cons but it will be their money at that point. |
Usually parents do 50/50 split on grad school. Your money is more their money. You will be dead soon anyhow |
? People are leaving CA because the col is too high (us included). I have zero shame about it, and neither do my kids. FWIW, we are umc, and we have enough to pay for in state, all in. I grew up LMC (immigrant parents), and worked my way through college. I was miserable and didn't do that well in college (at no name state u). I don't want that for my kids. I have one at our state flagship doing really really well. Thankfully, they got some merit aid, too. The other DC will not get merit aid, and they will be lucky to get into our state flagship. If not, then they will more than likely have to go to the second tier in state because their field of interest is not lucrative at all, and so paying oos prices for a non lucrative career is a bad investment. We can also pay for most of grad school if they choose in state for undergrad. My sibling's DC has student loans. They have a job (low paying), and they didn't get any loan forgiveness. They are still living at home. |
I get your point but the world has become far more competitive than it was 20 years ago. Things have become far more expensive, students debt amounts are far bigger than they used to be, while the gap between the rich and poor getting wider too. There are more students going in for college education than they used to in the past. Parents want to do and help their kids as much as they possibly can so their kids can live as normal lives as possible. Getting jobs has become harder, so minimizing students debts is a wise thing to do. |