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College and University Discussion
Reply to "High income but 3 kids in college at once- financial aid"
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[quote=Anonymous]OP, I'm the poster who posted earlier about taking out a second mortgage to fund the third kid and then paying it down quickly once he/she graduates. I offered this advice because that's what I remember some families doing when I went to college 20 years ago. They made too much for financial aid but had several kids as well. They took a long term strategy to paying for college and it worked out. All these parents are now comfortably retired so it didn't hurt them to do it this way. You do have leeway with your income. I second the advice to continue living well below your income and shovel ling the surplus savings into college. Pay for two out of pocket, which you can do, and finance the third one with cheap loans, paying it off as soon as you can once the others graduate. The years will fly by quickly. And then it'll be over.[/quote]
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