Reply to Is it common for kids to fund their private college education entirely on loans?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I think a lot of people don't think it through.  We have friends who are planning on sending their child to a private school (not a good one so it makes no sense when they have good state schools).  They had not saved but grandparents put about $40K in a private college plan so they insist on using it.  They don't realize that child will have to take out loans for the other 3+ years and it will cost more in the long run.  They could cash it out.  Child has no concept of money.[/quote]

$40k in a private college plan? Why did they bother? If that is all they could put away, they should have used the state's 529 savings plan.[/quote]

They set it up years ago and probably didn't understand the plan/grandparents.  It was very generous of them.  They may not have known.  I looked it up and you can transfer it to a regular 529 but parents will not listen to me.  Child doesn't even want to go but Mom has weird ideas about everything.  I told them to go to a state school as child doesn't even want to work/wants to be a SAHM and dabble in things like her Mom so it makes no sense when its not a school anyone has heard of and child isn't looking for a career.  I think the bigger issue is neither parent finished college and are doing what is easy for them.  They didn't understand why we did the prepaid for our child at birth and now do the 529.[/quote]

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