Reply to S/o - would you allow child to take out loans for dream school

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[quote=Anonymous]I think the subsidized Stafford loan limits--a total of $23,000 for 4 years--provide a good rule of thumb, and that's the max that I would feel comfortable allowing my child to borrow. A total debt of $23k means a monthly payment of about $260, which would be manageable even if my kid dropped out or couldn't find a job and had to wait tables. So that works out to borrowing less than $6k per year.

In almost all circumstances dependent undergrads can borrow only up to a total of $31k on their own, and only up to $5500 freshman year. Beyond that, someone needs to cosign. Under no circumstances would I cosign a college loan for my child. It is simply not something I would do for a child who had in-state options that I could afford; doing so would violate my financial sensibilities (for my kid and for myself).

I don't believe in the concept of "dream" school as it's commonly defined. If you can't afford it, that's a nightmare, not a dream, lol. My kids understand that they can't leave the state unless the price is right, no matter how much they love a school.[/quote]

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