My parents saved for my brother to go to university and he worked all the way through school. I am now going to school as an adult student, single with two kids. I am getting a student loan to cover all of my schooling and living expenses. I will be raising my kids around school and not be working (full time student)... Yet everyone says I need to save for my kids education... why if they get the loans...
2007-02-10 13:44:21 · 9 answers · asked by Anonymous in Pregnancy & Parenting ➔ Parenting
It depends on the parents financial position and the kid's wishes. Some kids want to do it themselves - they want to prove they can or don't have the kind of relationship with their parents where they want to 'take' anything from them. Certainly it would be lovely if every parent could send their kid to college so that once you graduate you don't have to face years of paying back student loans. It's hard to start out in life with a huge student loan debt. Most young people don't land the highest paying jobs in the world and do well to make enough to live independently. It's more affordable in some parts of the country but I live in a large city and apartments are expensive, houses are out of reach of most well-paid professionals let alone young graduates. By the time you add living expenses like food, cars, utilities, etc. a person just starting out may be hard pressed to also deal with big student loans.
More power to kids doing it on their own. Do save for your kid's education if you can. But give yourself a break! Wait til you're out of school yourself and start earning a salary before you start school savings accounts.
Good luck!
2007-02-10 14:10:02 · answer #1 · answered by Santal 3 · 0⤊ 1⤋
Here is the problem with student loans. YOU HAVE TO PAY THEM BACK plus interest. Even though you can get a low interest student loan, you will be making payments on it for 10 or more years. Think that over. In ten years where will you be and what will you be doing?
What if you are a parent and have to support children? Where will you continue to get money to make this payment plus all your other bills?
There are so many college graduates that are strapped with big loans that will have to be paid off in 10-15 years. The payment can be $300 or $400 a month. That is high if you become a single mother or you lose your job or you dont get the dream job that you hope college will bring.
Student loans can get you through but they can later be a noose around your neck. It happens all the time. They just had a special on TV about college graduates with huge loans that they can not repay. They get further in debt. And several that they had on there were from Ivy League schools with loans over $100,000.
Now that is the price of buying a home in some areas. Some of these students said until their loans are paid off they could not afford to buy a home. That is scary because this adult will be 32 to 42 before they can get out from under the loan. Grants are better if you can qualify for one because they are not paid back.
Or it is better to get parent help, or stay with a junior college or four year college that you can afford. The other alternative is work while you take classes to pay your way through which means many hours away from home.
2007-02-10 14:41:04 · answer #2 · answered by Nevada Pokerqueen 6 · 0⤊ 1⤋
Because student loans add up fast and then you have to pay them back. It doesn't matter if you finishe school or not, job or no job they still want there money. It would be so much easier on your children if they didn't have to worry about a loan hanging over there head when they are just getting started in the world. As a single mom you see how hard it is just to make it imagine having a twenty or thirty grand loan to pay off after six months to a year after graduation.
2007-02-10 14:07:19 · answer #3 · answered by kt 2 · 0⤊ 1⤋
First of all you sound silly. Saving money now for your childrens future is the best thing you can do because you never know what can happen in the future. I am 22 I live on my own, pay my own bills and totally independent of my parents but I couldnt get student loans on my own. Fasfa wont consider you an "adult" before 25 unless you have a child. All my student loans would have had to come through my fathers name and he was not willing to mess with his credit like that. So do your children a favor and save something for their future. Every little bit helps. Trust me!!
2007-02-10 14:09:42 · answer #4 · answered by Oops! 6 · 0⤊ 3⤋
Yes but a loan is a loan...you have to pay it back. And when parents are able to "put their kids through college" then when the graduate they have a clean plate. Its just preference.
2007-02-10 14:08:13 · answer #5 · answered by Roxy 2 · 0⤊ 1⤋
Because loans and grants don't pay for everything. There are still more costs than what are covered in the US. Universities are expensive.
2007-02-10 13:50:03 · answer #6 · answered by Anonymous · 0⤊ 1⤋
The very most important thing for you to do for your chlidren is to be with them. They will be far smarter and able to utilize schooling the more you are with them, the less you are away from them. Kids learn best with mommy, when they have a warm relationship with her.
One day, you may take out loans for your kids, they may get scholarships, or the world may be so different, it will be irrelevant. The most important thing now is the minimize separation from your children and maximize the quality of your interactions with them (doesn't mean flashcards!)
2007-02-10 13:52:23 · answer #7 · answered by cassandra 6 · 0⤊ 1⤋
Well, you have to pay back interest on loans. If you pay back your parents, they don't charge you interest (usually). And if for some reason the loans don't work out, you want to have a plan to fall back on.
2007-02-10 13:52:15 · answer #8 · answered by Anonymous · 0⤊ 1⤋
It makes it easier for the kids, they don't have to pay stident loans.
2007-02-10 13:53:03 · answer #9 · answered by Anonymous · 0⤊ 1⤋