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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This is insane. What do you mean you couldn’t “rein in” your kid. You should have said”we can not afford this.”

Your choices now are your kid transfers or you take out expensive Parent Plus loans or you pull cash from your investments/savings. Those are your choices. [/quote]

This is exactly right. My heart breaks for this kid. OP, why didn’t you say no? I highly doubt the kid and the relative would’ve done this behind your back. You didn’t want to be the bad guy last year and caused this issue. [/quote]

Sigh

We told our kid they would need to use loans to cover whatever we can’t cover. Now I’m trying to help friends tire out the best approach.

Nobody was blindsided.

There’s still part of me that remains hopeful they’ll transfer. [/quote]

Your kid can’t get loans beyond the $5500 unsubsidized federal loans (or whatever it goes up to each year. )  No one is going to lend your child, with no income and no collateral, that kind of money. Telling a 17 or 18 year old they will have to take out a loan — where literally none are available — is irresponsible and misleading and plain bad parenting.

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