I am dead set against it. We explored offers and chose the three best college offers.Decide what you can afford annd communicate this. After visiting they offered more. Rule out colleges that don’t offer enough.
Work study can help bridge the gap, too!

Anonymous wrote:

Anonymous wrote:We saved enough for our kids not to need loans, but if it had been necessary I would not have been averse to them taking out a modest amount up to the federal cap (about $27K total IIRC).

I would never take out a Parent Plus loan for education however.

I'd say exactly the same. Plus your DC can earn $5-$10k between the school year and summer to contribute. Getting a job as an RA beginning sophomore year is not that difficult and covers full room and board.

Same here.

Anonymous wrote:

Anonymous wrote:We saved enough for our kids not to need loans, but if it had been necessary I would not have been averse to them taking out a modest amount up to the federal cap (about $27K total IIRC).

I would never take out a Parent Plus loan for education however.

I'd say exactly the same. Plus your DC can earn $5-$10k between the school year and summer to contribute. Getting a job as an RA beginning sophomore year is not that difficult and covers full room and board.

This was what we decided on in the end.

Child chose the better school for her, but it was a little outside our price range. She will be taking out the loans from the Fed. To help her, we will probably pay the interest during school so that doesn’t accrue (unsubsidized). She also is going to try to become an RA to help with that cost and/or get more scholarship money. We’re working together.

Depending on how things go, we may help her with the loans after graduation.

We would have loved for her to be debt free, but it is what it is. I don’t think less than $30k is outrageous - you pay that for a car these days.

If you are talking about in-state public schools, you’ve gotta do what you’ve gotta do. If you are talking about OOS or private, if we couldn’t afford the school without loans, I’d tell them to pick a cheaper school.

Yes, they took loans and they don't know this but when they pay them-they will pay us, we will pay the loan, we will put their money away and when they want to buy a house they will have that money.

Huh? No one is making them take loans

I strongly prefer that she either not take out loans, or borrow as little as possible. I expect her to work in the summers to contribute to costs, but I don't want her to graduate with significant debt if I can avoid it. At this point, between savings and cash flow, I think I can manage undergraduate tuition; she will need to cover graduate school, if she goes, on her own as I will be very close to or actually in retirement. This was the same arrangement my parents had with me -- fortunately I won a full ride to grad school.

Completely against loans. We prioritized savings but DC also picked a school (much maligned on here for not being "elite" or for being subpar) but will get a ton of aid and be in the honors program. DC has talked to professionals in the field and they concurred this was the way to go as undergrad "doesn't matter." DC will have >$100K for grad school and no undergrad debt.

Anonymous wrote:We saved enough for our kids not to need loans, but if it had been necessary I would not have been averse to them taking out a modest amount up to the federal cap (about $27K total IIRC).

I would never take out a Parent Plus loan for education however.

I'd say exactly the same. Plus your DC can earn $5-$10k between the school year and summer to contribute. Getting a job as an RA beginning sophomore year is not that difficult and covers full room and board.

You gotta do what you gotta do.

Anonymous wrote:You pay

Everyone may not have the same financial situation, so that may not entirely be possible.

Completely against it. DH was from a MC but broke family and they told him to go to THE best school. He ended up with so much debt, which meant he didn't follow the career path he wanted. Not going to do this to our kids.

We saved enough for our kids not to need loans, but if it had been necessary I would not have been averse to them taking out a modest amount up to the federal cap (about $27K total IIRC).

I would never take out a Parent Plus loan for education however.

You pay

What if merit isn't enough? How are you handling it?