Reply to Does this seem like sound advice for paying for college?

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[quote=Anonymous][quote=Anonymous]Definitely pay off the house first so you aren't saddled with paying interest on that for any longer than you have to. Also I find it difficult to choose college savings plans, esp since there are so many restrictions and policy info details to go through before making a decision. I don't want to already decide that the baby will go to school in a certain state, for example, nor do I want the 'lock in' rate at what it is now. What if college prices drop (unlikely, but possible) or he receives a scholarship? Or opts for a trade school or a work-study program? I'd prefer to invest the money somewhere or pay off the existing debt we already have. [/quote]

OP here.  My dad shares this thinking.  He's reviewed all the options for savings and doesn't like any of them.  (Before anyone asks why he's "making decisions" for us- we asked him for guidance on the best way to save).

You all had good points to think about.  My husband and I are definitely in agreement that should we go the house route, if something were to happen like a death or disability, we would work on recovering and college savings would unfortunately fall by the wayside and be used for retirement.  We do have enough life insurance to pay off the house and pay for some college, but lets hope it doesn't come to that!

We'll have to run some numbers and look at how soon we think we can pay off the mortgage, etc.  We just refinanced so the 3.625% interest rate is new to us.

As to the people who think that our children should pay their own way- well, realistically they probably will have to take out some loans, but I would prefer to help them as much as we can.  My parents paid for my undergrad, and I'm grateful.  My husband paid for his own, and despite working full-time at Walmart for 4 years to pay for college, he still has a lot of loans left.[/quote]

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