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]

[b]We want our kids to start their adult lives debt free. [/b] [/quote]

Actually, the $5500 a year is a drop in the bucket if you are looking at some of the institutions mentioned here that are $70K a year.  And OP has to pay that our of savings or after-tax bucks.  I firmly believe the child should have some skin in the game even if it is only $22 - $25K at the end.  Also the PP immediately above fails to realize that the $5500 minimum is at such favorable rates that it makes much more sense to have the child take out the $5500 (it grows in amount every year of school) and then if the parents runs into some money pay it down!  But those loan dollars will be at a much better rate of interest and payment terms than credit card debt, IRS debt, regular loan debt, refinancing your house debt, etc.[/quote]

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