Reply to Husband wants kids to pay for college tuition

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I had my kids take out $5000 a year in loan so that they could have “skin in the game”.

So they graduate graduated with $20,000 in student loans. I ended up paying off about 7000 of that because they had higher interest rates and then my kids are paying the ones that are 3%.

You have a husband problem. Also, you have your own money so you don’t need your husband’s permission to pay their tuition.

I guess I’m wondering why you need your husband’s permission to spend your own money?[/quote]

1. You are a terrible parent. "Skin in the game" is a myth. I am surrounded by kids who take college seriously (even the party types), and none of them pay a cent for their undergrad. My friend who was low-income when her kids went to college still paid as much as she could. Her kids started in community college and graduated from UMD. One of them went on to Johns Hopkins.

2. You are also stupid financially. Forcing them to go into debt and then paying off part of it means you are paying interest on something that could have come with zero interest.

It's both dumb and cruel. Seriously. What were you thinking?

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I would take out as much subsidized interest free loans if those were available?[/quote]

Quoting from one of the first posters, since you missed it:

"Borrowing limits for financially-eligible undergrads with lower interest rates start at 5K for the first year, and end at 7K for the 3rd and subsequent years. If the student is not financially eligible because his parents are rich but just refuse to pay... the interests on the loans will be higher, but the amount they can borrow will be higher too. Some of those loans may need to be cosigned by the parents."

So this doesn't help a family who is rich enough to pay but refuses, because subsidized, nearly interest-free loans are only available for financially-eligible kids!

Also, the subsidized loans are nowhere near enough to pay for even half of in-state costs. UMD is over 30K a year, and UVA is more than that.

My God. The lack of knowledge and financial planning surrounding college costs is STAGGERING.

This is one of the biggest expenses for families, after their home. How can people not prepare for this???

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