With my first of four children starting college in a few weeks, my wife and I are struggling to figure out how to afford four years of tuition for 4 children. Counting this year, we have 3 children that will be starting their freshmen year in college over the next 3 years, then we get a break for awhile since our 4rth child is only 10.
So how are you handling the college tuition thing? Are you covering the entire cost of your kids tuition or are you having the kids pitch in via their own money or student loans? We plan to pay for as much college as possible but I'd really love to put some of the responsibility onto the kids, so they have some skin in the game. Of course we'd still help them pay off any loans, but having their names on the loan will hopefully incent them to do well in their studies.
What type of loans did you find work best for you? We applied for a parents PLUS loan and my son also applied for a Student Loan through Sallie Mae. The PLUS loan turned out to be the better deal for us. So much for putting the loan in the students name.
With interest rates so low, why are college loan rates so high. The PLUS loan is fixed at 7.99% and the student loan rate was even higher than that, and was an adjustable rate.
Would love to hear some other comment on their college tuition experiences.
Double KLM
