Reply to Why do people think you have to spend so much on your kids?

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[quote=Anonymous][quote=Anonymous]Your kids will have to use your income on their FAFSA. They will not get enough aid. They will be forced to take out private loans.

I had 70k in debt in 1999 because my parents did what you did. The average student debt loan was $16,000 total for all four years then. I had to take out private loans from Chase bank at 9% interest. I had to work 3 jobs in my 20s to pay it off. It ruined my career prospects (could not consider professional school...I had to survive) and I literally had no fun or joy in my college years or from 18-32. I paid it off around age 32. It destroyed my young adulthood and changed my life trajectory than it would have been otherwise.

I have barely spoken to my parents since. I am mid 40s now. They intentionally started my life in a hole. Their income was used against me.

College costs are too high for you to do this to your kids. They won't get aid with your income.

You really need a reality check. I would never, ever do this to my kids. Never.[/quote]

Not OP, but this is very enlightening. My kids are young so we haven’t been through this yet, but are planning to save for college.

I wanted to add on that the fact parental income is factored into FAFSA is proof that it is a societal expectation that if you have decent income you will help your children fund their college education. It is the default expectation. This isn’t even in the same boat as extravagant extracurriculars (although I do see merit to exposing your kids to a variety of ECs but I digress).

Should it be this way? Probably not. College expenses are so out of control and in many ways college is now the minimum for entry level white collar work. I feel bad for the families making less than 400k who won’t qualify for aid and are trying to help their kids.

But it’s the system we have and I think bucking “the system” at the expense of your children’s future is a really crappy thing to do. [/quote]

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