Reply to If Your Parents Paid for College...

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Reply to "If Your Parents Paid for College..."

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[quote=Anonymous]Every family has different values and financial ability. Some families place a very high premium on educational attainment. Others not so much. Some can easily cover the costs of private college tuition and even med or law school without breaking a sweat, while the vast majority of parents struggle with public college costs. Some are simply reproducing their upper middle class status while others are just trying to help their kid stay in the middle class.

However, you would not be doing you or your children any favors by going deeply in debt to pay for college. Parents aren't eligible for income-based repayment plans and there is often no way to discharge the debt in bankruptcy. So if you suddenly got sick, injured, or fired, what would happen? Would having parents in financial crisis help them get started after college? Would they have to support you in retirement if you used your nest egg for their college bills?

The good news is that almost all parents underestimate how much financial aid their children are eligible for. Make sure you run the numbers for the schools your child wants to attend and research your actual costs. In many cases, the schools with the highest "list prices" may end up being cheaper after financial aid is considered.[/quote]

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