Reply to IB Program : college choice?

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[quote=Anonymous][quote=Anonymous]Has anyone even considered having their kids take out student loans? Because if my DC faced an opportunity to go to MIT vs. UVA, damn straight I would kick his ass to go to MIT. With student loans and everything.  [/quote]

There are a number of problems with this idea for upper middle class families. First, the standard deferred student loans are capped. An undergrad can only borrow about $25,000 total (over 4 years). Plus, to be eligible for these deferred loans, you have to be eligible for financial aid. Lots of upper middle class kids won't be.

Even if you get the $25,000, to go to MIT over UVA you are going to need to come up with another $125,000. That means loans that aren't deferred--payments start right away. Also, these loans must be co-signed, so parents are on the hook. These loans never, ever go away. And it is IMO a huge burden to graduate with $125,000 millstone around your neck. That kind of debt will cramp a young adult's style for years to come. It will dictate what kind of jobs they can consider and whether they can buy a home. And if the parent takes on that debt? Well, if you've got more than one kid, you are talking about the equivalent of another mortgage payment, only for an investment that has no return to live on in retirement. (Unless your plan is to have your child support you.)

Is MIT $150,000 better than UVA? Debatable. (For a STEM education, I'd argue that VA Tech would be the place to go.) At any rate, it doesn't matter. That's too rich for my blood. Some people do take on this kind of debt. I think it is insane.[/quote]

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