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College and University Discussion
Reply to "Cost paying OOS college, what are options?"
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[quote=Anonymous]Loans generally spread out the payments but make the total cost higher, because some of the money has to go to pay fees and interest. So if you have $120,000 total for college, you can only afford about $75,000 in loans—the other $45,000 has to go to pay the costs of the loans. If you borrow more than $75,000, you are promising to pay more than $120,000. Nerd wallet has a simplified calculator you can play with to see how this works. [url]https://www.nerdwallet.com/article/loans/student-loans/parent-plus-loan-calculator[/url] I guess your kid is saying “don’t worry mom, after college I’ll make the rest of the payments.” He’s not in a position to make that promise. He could die or become disabled, or have a kid, or the economy could tank. And you’d still be responsible for the rest of the payments. The way he can take responsibility for part of the cost of college is by going to a merit-granting school.[/quote]
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