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College and University Discussion
Reply to "s/o BC thread - Recs for kids who won't get in to BC or ND"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]What's wrong with taking out loans? Everyone I knew did except for one friend. She was an only child and her parents sent her to Mt. St. Mary's which may be of interest to your son. She called me when she went to grad school and asked me, "So I am taking out a student loan. Does a loan mean I have to pay it back?" OMG. Loans mean your kid has some skin in the game.[/quote] Kid himself can only qualify for around $5500 federal student loan. Beyond that, mom and dad or somebody must cosign—and cosign means you and your credit are totally on the hook if your kids flakes. [/quote] That's $5500 you don't have to pay yourself. Why the reluctance? I took out the maximum each year and paid it back within 6-7 years. I also took out graduate loans and paid them back too. The interest rates are pretty low.[/quote]
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