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College and University Discussion
Reply to "Cashing out home equity to pay for college"
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[quote=Anonymous]Also a no on taking out a mortgage. For one thing, if you do it now, before your kid starts school, all of that cash will show up in your next FAFSA, possibly reducing the amount of financial aid. Make sure you understand FAFSA rules, and how assets are counted. Also, if the offers are below what the calculators suggest then call the schools and get an explanation. The debt issue is tough. If you have a driven and capable student, taking on some debt to complete a reputable degree in four years and then getting a good job can be a good financial move. It is better to have a $60k job at age 22 with some debt then take extra time in school and have a $60k job at age 25 or 26 with no debt. The rule of no more debt that you expect to make in your first year of work, is a good one. [/quote]
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