Reply to How large are the loans you've taken out to finance your kids college education?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't think it's so terrible to take out parent loans if you have to in some cases. When my kid goes to college I will still have many years before retirement. As long as the debt service is equivalent to what I had been saving for college before, it will be affordable. Obviously I don't hope for this to happen and I won't do it unless there is no other option. But it's not a completely crazy thing to do. [/quote]
[b]Please explain a situation in which you would "have to" take out loans to finance your kids college education, or when there would be no other option.[/b]

And yes, it's a completely crazy thing to do. As any financial advisor will tell you.[/quote]

My ex-h blew up our finances and drained all our savings during our divorce last year. He then declared bankruptcy, and left me basically broke and now I'm starting over. He pays nothing towards education, and will contribute nothing towards our kids' college. I have full custody of our three kids. Our oldest is headed to college in the fall and is going to a state school. She got about 2/3 COA in grants and scholarships, and has taken out a fafsa loan. I have taken out a small PLUS loan to cover the rest. So yes, I am the rare bird who has taken a loan to help pay for my kid's college. She will work next summer and I hope to be on firmer footing next year so that I can avoid taking out a loan for her second year. This was not a decision I made lightly. [/quote]

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