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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We have money, and the plan was in-state tuition at the flagship (with CC and transferring in as the Plan B).

Generous relative threw a wrench into our (read: parents’) plan.

Kid opted to go out of state and loves it there, so now we are evaluating options.

While we can bring some cash to the table, we can’t cover everything…right now. (We will likely inherit some cash that we will use to help pay off student loans, but that will likely be a decade down the road).

I suppose I am wondering what the best options are in terms of loans and where to start.

House is worth $700k+ and we owe roughly $200k. Mortgage is low ($1700/month).

We won’t touch our retirement or investments. (We also both have pensions available down the road.)[/quote]

You really screwed up and are selfish. You overbought an expensive house and refuse to change your lifestyle.   Kid has to drop out.  [/quote]

We bought a $400k house that has appreciated in value over time. Our mortgage is $1,700.

Our kid isn’t screwed.

They can take out loans or transfer in-state.

We will help. We just can’t pay $50k+ each year to cover tuition, etc. outright.

If they live at home and commute to the state flagship, we could fully cover tuition. They just don’t want to. That’s what I’m dealing with currently.

[/quote]

You let them go to this school.  You have plenty of money and can afford it but don't want to.  You have a pension, savings, and retirement and yet choose to save nothing for college.  You set them up to fail.   Sounds like you choose to live more comfortably and not make important things like college a priority.  You're expecting others to pay failed.  [/quote]

Again…???

We have more than one child (the oldest is a freshman).

Our forever home cost $400k and we have a $1,700 mortgage. That’s not extravagant, and it’s well below what we could technically afford. 
We drive basic cars until they die.

We are saving aggressively for retirement and will have modest pensions. We live in a high cost area and are anchored here thanks to our jobs as well as caring for elderly parents.

We did save for college as best we could and continue to do so for all our children.

We can cover some tuition, but not all (not even close).

Had kid gone in-state, it would be easier but still not fully covered for 4 years.

Kid chose to go out of state against our counsel. What should we have done? Locking them in the basement didn’t seem wise.

While I am thrilled for everyone who only has one or two kids and earns enough to cover $200-300k per kid for college, that’s not us. And I suspect most Americans are in my boat. We have other kids to consider along with our own retirement and caregiving for our elderly parents. The future inheritance a decade from now won’t be life-changing, but it will help us to help our kids with college (in real time or afterwards paying down loans).

PS - I put myself through college and grad school while working. My kid will work this summer and hopefully next year (I wanted them to just focus on school freshman year). [/quote]

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