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]

Just be upfront about what you are willing to pay and what they are responsible for paying - no games.  First, to get the federal loans the student will need to fill out FAFSA, and while there is a way for you to enter your info, the final EFC will go to the student.  Second, you won’t qualify for subsidized loans, only unsubsidized so between those two things it will be obvious you aren’t broke.

In regards to wasting time because they know parents will pay  you can say to your kids that you only pay if they keep their GPA above x and they add you to get a copy of the grades.  I have a classmate whose parents were millionaires and when they messed around in school the parents said absolutely not. The family said they had to leave the expensive school to live at home and go to school in state.  In the end it was a wake up call - the classmate did have to transfer but begged the parents to be allowed to live on campus at the school and they really turned it around.[/quote]

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