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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Hello, did your dc do Econ at Duke. My dc has got in but it's ridiculously expensive. [/quote]

If the alternative would be UMd. or UVA at in-state rates, you’re somewhat broke, your DC is very bright but not a miserably lonely child prodigy, and your DC could handle some bureaucracy, the state flagship would obviously be a better deal.

If you’re a little stingy but rich, your DC has never met an equally bright kid, your DC would get depressed at a giant school, and the best public school that let your DC in is on par with JMU, [b]I’d lean harder toward taking out PLUS loans [/b]and saying yes to Duke.

Duke is a wonderful place. It is probably at least a T10 school. In the long run, a degree from there would probably pay for itself. A student who’s a good fit for Duke would have a wonderful time and priceless experiences.

But the good economics classes at UVa and UMd. would be at a great level, too, and a lot of students have a wonderful time there. Bankrupting yourself to send a typical bright DC to Duke instead of UMd or UVA would not make a lot of sense. [/quote]

I wouldn’t do this for any degree from any school, and wouldn’t advise OP to either. [/quote]
+1 never ever ever ever take out Parent PLUS loans.[/quote]

You’re responding to me here. Based on standard financing advice and avoiding poverty, you’re right. I’m wrong.

But, if this were my kid, and I thought my kid really needed a school like Duke to thrive, I’d impoverish myself to send my kid there. I would take out the PLUS loan, the same way I’d take out a loan to pay for special support for a child who was blind or deaf, if that support seemed to be worthwhile.

But, obviously, that’s a tough decision. A parent who takes out a PLUS loan needs to understand that there are many possible bad outcomes. It’s the equivalent of agreeing to donate your heart to your child while you’re still alive. [/quote]

I’ve seen this scenario play out so many times. I’ve also read countless stories on the StudentLoans subreddit (that is a very eye-opening place).

Here’s how it goes: Parent takes out parent plus loans for kid with the oral agreement that the kid and the parent will pay them off together (or sometimes, the agreement is just that the parent will pay it off). Kid graduates, or worse, does not graduate/drops out. Parent starts to get old & sick. Parent can’t make payments anymore & goes into default. Then kid is left holding the bag for their aging parent, on top of their stafford loans. The situation is even worse with private loans (which are usually in the students name, with the parent as the co-signer) like Sallie Mae because there is no PSLF, PAYE, or IBR for those. You either pay or you default and get debt to collections to settle with an enormous hit to your credit. [/quote]

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