Reply to How to pay for college: specific scenario

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Here's what I would do in your position.  Explain to kid that you only saved enough for in state.  So give him two options:  1) transfer and go in state for free or 2) you pay for next year out of your 529 and kid takes out loans for the following two years.  It's a great deal.[/quote]

Correct. That’s basically what we are discussing.

I was just hoping someone might have navigated the loan options and would weigh in.

[b]I recognize I will need to finance it if that’s what my kid chooses. But I won’t do that unless they realize it’s a debt they’ll be on the hook for. [/b][/quote]

What does the bolded even mean? The kid can fully intend to pay the loans back, but the reality of the situation is they most likely will not initially earn enough to make monthly payments on ~$100k+ worth of student loans. Your credit is impacted if the loans go unpaid. Are you going to finance for your other 3 kids?

I feel bad for your child. Stop being wishy-washy! Clear is kind![/quote]

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