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College and University Discussion
Reply to "Best strategy to pay college for 3 kids"
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[quote=Anonymous]#1. Do not borrow from retirement. One important consideration is that if your husband borrowed from retirement and then got laid off (not an insignificant consideration in your 60s), you would have to pay back that loan immediately. That happened to my DH (before we married) but fortunately he was almost done with the repayment. The kids should be taking out the maximum federal student loans. It's a modest amount each year and should not be a burden to repay. And important to consider that if you don't take out the loan one year it does not increase the amount you have available the next year. That is, 1st year can take out $5500, 2nd year $6500, 3rd yr and beyond $7500. If you don't take the $5500 in freshman year, you can still only take the $6500 the next year. [/quote]
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