Reply to Advice re underfunded college savings & well funded retirement

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]PP here.  Also, keep your fingers crossed that your kid doesn’t get in to one of those reach colleges. There is absolutely no need to pay that much money for college, especially in your financial condition. It’s a crazy decision.[/quote]

I know! Believe me I am doing that! [/quote]

Hope is not a plan.

There is no reason to give your kid reason to believe that you can spend $80K/year (and it will be $80K) on his undergraduate education.  And when kid #2 is applying, will you do the same?  Because that is totally insane.

Tell your kid what the budget is and stick to it.  Permit him to take out reasonable loans (if he wants) up to the federal limit.  You will not take out loans for him, no Parent Plus, no home equity, no co-signing.  It is completely reasonable to impose your budget.

Is it pleasant to say no?  Of course not.  Is it necessary?  Yes.

My very high-performer got into a highly-ranked school this year and is not able to attend because they didn't get any of the handful of merit scholarships given out there.  When the acceptance came in with no money attached, they knew it was off the table.  They are going to a lower-ranked school with a large merit scholarship and all will be fine.

Set the standard and stick to it.[/quote]

This.  Your kid can apply wherever he wants, I suppose, but he should know going in what you can afford and what you are willing and able to do vis-a-vis loans.  You have significant medical expenses; you should not drain your savings or skimp on your retirement so your kid can go to a particular college, when there are other options that you can afford.  [/quote]

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