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Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Sat, 26 Mar 2005 11:03:46 Share Post by Email
In Reply to: OT: Should I take the PLUS loans for kid's college?, Dave in Houston, Sat, 26 Mar 2005 04:38:20
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My two sons recently graduated from private colleges, one in 2003 and the other in 2004. You need more than amateur advise regarding one year's payments, you need a well developed plan for the next 10 years. Many students now require 5 years to finish college, some because their field of study is designed for 5 years (i.e. architecture), the others because they switch majors or simply "can't" schedule the necessary courses in only 8 semesters.

Your son will be following right behind your daughter in needing assistance with college finances with no time for the family finanes to recover, unless a plan is in place first. In addition to 8 to 10 years of tuition, you may also be facing the following major expenditures in the same time window: one or two new cars for yourself, one or two new cars for your wife, financial asistance to your daughter when acquiring/furnishing her first apartment/house after graduation, the same expense for your son, financial assistance to your daughter when she buys her first "new" car at or near the end of her college years, this same expense for your son, paying for all/most of your daughter's wedding before your son is out of school, etc.

In addition to all of the above you should be putting money away for your own retirement during this same time. You need a pro to help you and your wife develop a plan for the next 10 years, and you need to do it now. They should also review the FAFSA you submitted for your daughter. The school provided her and you with a lousy aid package (nearly all loans, and all loans are unsubsidized). The FAFSA is a land-mine for honest, unsuspecting parents. If the form doesn't specifically ask for something, don't provide it. You may have made major mistakes without realizing it.

Best of luck. Getting help from a pro was the smartest thing my wife and I did when facing a very similar situation.


posted by 68.42.11... 
_______________________________________
Saabs owned:
2008 9-5 Aero Sedan, sold at 227K miles
2006 9-3SC 2.0T - Wife's daily driver
2000 Viggen Convertible - Sold May, 2022
1964 Quantum IV Formula Car - Retirement project
2000 9-5lpt Sedan, sold at 318K miles
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