Reply to How do you steer your dc from not getting caught up on private/$$ schools versus good in state public options?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Please don’t let him apply to pricey schools outside your budget. It’s cruel when they are accepted to top schools and parents say no.[/quote]

He’s really not that fragile. I’m warning him of course [/quote]

Then you have done your job.

You tell him "I can afford to contribute $X per year for college for 4 years.  Anything else and you have to figure out how to finance it.  Also, anything over $5.5K/year requires a parent loan, so go ask your dad". 
Also, you sit down and go over how much those loans will cost when he graduates (the ones that dad wants to take and then make him pay back/take over).  Do an itemized budget for a 22-25yo in your area or where he wants to live.  Include rent, utilities, internet, cell phone, car, car insurance, food, toiletries, "fun money", saving for retirement ($7K Roth and at a minimum getting your company match), travel, etc.  Don't forget the monthly student loan repayments (federal and the Dad's parent loan).  Then help him realize how impossible it will be to have a $1-2K loan payment for 10+ years when you only make $70K (or less).

Teach him how to budget and what life will look like for the next decade if he does this.

Then do a budget for the state U where he comes out debt free
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