Should I borrow for my kids college?

Answer 1

No,

So many people I know (including my wife) think it is a parents responsibility to pay for their children's college. I completely disagree. College is a time for learning about life outside the family nest and to become prepared to be self-sufficient.

I believe that footing the bill for college promotes a lack of responsibility and shelters the person from the reality that it takes hard work to make it in the world.

I got myself through college and I am a better person for it.

Putting yourself in debt for your children's college sends them the wrong message and will make them miss out of one of the best lessons college can provide.

Answer 2

these other anwers are all good. Keep in mind, that if your child takes out a loan, they can repay it over time. There are also grants, and lots of local scholarships and work/study programs for kids to attend.

If you don't have the money for college there is help available, ask the guidance counselor and start doing some research online.

If you really want to contribute, offer your child a matching program - you pay half (or a portion) if they come up with the other part.

Lastly, concentrate on getting money into retirement for yourself. I'm betting that since you don't really have $ for college that your probably don't have retirement and that's REALLY important. Check out a Suze Ormon book from your local library - she's a money whiz. Good luck to you.

Answer 3

I wouldn't borrow in the sense of just giving the kid money to go to school. In your situation I would look at trying to help him/her keep cost down. One example would be for you to buy a 4 plex or bigger if you can, the kid stays in one of the apts and acts like the building super (collects the rent, addresses any problems). The income off the other apts are first used to pay the mortgage on the building then you give the kid the rest for school. Its not going to be a fortune but it will be something. You get a nice tax right off at the end of the year. Talk to your accountant first about all the details of it.

Answer 4

I'm not sure if people got your question right, because maybe you might have made a wrong spelling but whatever,

to borrow FOR your kids college is OK as long as you pay the person back or that person is fine with you not paying back.

to borrow FROM your kids college money is wrong, DO NOT do it!!! you never know whats going to happen, whatever your using it for is not as important as their education! you put your savings in the first place for that reason.

please listen to my advice

Lyka ("laika" people always pronounce it wrong)

Answer 5

It depends of your financial situation. If you are using assets or debt that reduced your retirement, I'd say let them borrow.

If you have the money, it's up to you. If you keep money in an account making a rate of return less than the interest, I'd pay from that account. If not, use debt. I'd start with the cheapest money around which may be your house...

Answer 6

there should be a rule in the society which we have in our family.
parents pay for kid's education. if the kid is a boy, your responsibility is up to 10+2 and if she's a girl your responsibility is up to 10+2+3 (this is for Indian conditions)
after that even if you have enough money with you, your kid has to study by taking a loan and he himself has to pay back the loan.
the thing is, if we implement this, they will come to know what are the responsibilities they have as a part of he family and who efficiently they should study to pay back the loan.
what is your kid studying.- depending on that take a decision.
borrowing money for education is OK, but you have to plan way in advance about how you are going to pay it back.
all the best

Answer 7

Interesting question, but the answer is not as easy as a yes or no. It depends on several factors;

1- How much money do u need to borrow
2- Do you have a stable income or not
3- Do you expect any revenue from non-fixed earning any time soon? such as bonds, saving certificates, stocks etc?
4- Is your kid an achiever? will he/she enter college with a serious attitude or not?
5- Is your kid worth it? is he/she nice to you, does he/she appreciate your efforts or not

If you manage to fairly answer the above, you will find your answer.

Hope it helps

Answer 8

No. Your kid should be paying for his or her own college. When I was in school a lot of the kids whose parents paid barely attended class. I, on the other hand, paid my own way, and maid damn sure that I attended because I didn't want to lose out on the money I paid.

Answer 9

No, your child should borrow. If you borow on their behalf, they will be more likely to change their major 6 times and take 9 years to get a bachelor's degree.

Answer 10

They can start in a community college, much more affordable. Then, transfer to a four year college after making all the dumb mistakes we all made in the first couple of years.