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College and University Discussion
Reply to "Make our kids take loans and pay them at the end as surprise, good idea?"
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[quote=Anonymous][quote=Anonymous]We can fully fund 6 years of private college for our kids but may not tell them and claim that we are broke and they need to take out loans. Has anyone done this, or is it crazy? DH basically wasted 1 year of school because he knew his parents would pay for it, so I wonder if this is a good idea.[/quote] You'll end up wasting interest. Also, not sure if that would be motivation enough for kid to do well. What if they still drop out? Are you not going to rescue them and payoff the loan? On the assumption that you know your kid, if they are not hard working and/or high achieving - Go instate. Far cheaper. You can always send them to a fancy 'finishing school' for Grad and afford to pay for it. Make your kids take out the $5500/6500 Unsub/Sub loans. Those are nominal and the majority won't accrue interest during school. Even if they have to carry the whole thing (less than 30K), it won't be a huge burden.[/quote]
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