Reply to Are college loans a good way to learn how to save?

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[quote=Anonymous][quote=Anonymous]Most kids don’t actually learn to swim if you drop them in the deep end, they either start to to sink or they just float, and often come out hating water. I would try to teach a young adult how to save by saddling him with $40k of debt right out of school, especially if he’s had a poor financial role model. He could easily end up in serious and lasting financial trouble that would affect his credit rating for YEARS. Do the school you can afford without debt and encourage him to take some classes (in college or even just your local community center or something) on basic personal fiscal management. [/quote]

+1. Giving a kid a smaller budget and making the, work summers and up to 10 hours a week to cover “extras” is a much better introduction to financial management.

Also, be sure you aren’t basing your loan amounts on this year’s tuition. Look at the college’s historical rate of increase for tuition and room and board and factor that in. It goes up surprisingly fast. [/quote]

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