<p>It is against the TOS of this site to post using more than one screenname. Just saying!</p>
<p>Apologies for going off-topic, but thanks to this thread I was reminded that it’s hard to beat Dad II’s posts for entertainment value. Being able to say that your children are an example of being “poor” while attending America’s richest colleges right after you’ve said that your broker suggests buying some gold bullion for your portfolio–that’s the best thing I’ve read on CC today. :-)</p>
<p>@Hunt, LOL! Glad I’m not the only one who sometimes wishes I could let my evil twin sneak out occasionally. </p>
<p>It’s been noticeable to me. </p>
<p>Thank god there is CC. I am the oldest of 4 and I don’t even know how my parents would do it without this site!</p>
<p>Obviously, if you get into a decent college you have some reasoning skills. These people aren’t idiots. So why do the authors of such articles treat these exact same people like a bunch of naïve babies who didn’t know any better when they rack up debt?</p>
<p>I really, really dislike these articles. If you’re “smart enough” to get into a decent college, you should be smart enough to NOT pick up significant debt. Sorry. But if you willingly choose to go the other way, I can’t comprehend why anyone would spare their sympathy. These are all choices. No one is forced against their will to attend a fancy, more expensive school that doesn’t offer good financial aid. No one is forced to pick an unemployable degree either. There are community colleges and trade schools lined up right outside the door - but no. Attending either one of those is ‘shameful’. That’s the American stigma. Go for the pedigree and the pride first, worry about cost later. </p>
<p>So many teenagers accepted into decent or good colleges have their egos inflated all throughout high school for being the “best and the brightest” (ooh, you’re so gifted for getting an A+ on your AP chemistry exam sweetie!), but as soon as they enter into college, they’re suddenly not accountable for their financial decisions or choice of major. I mean, in this age of the internet, how could they have known any better, right? It’s not like this information is literally available at the click of a button. </p>
<p>And the parents - if anyone should know better to be responsible with a checkbook, it’s them. Unless you literally don’t watch the news or have access to the internet, it’s impossible you can’t find out about good financial strategies. I just don’t understand why this debate continues on, not just on this forum, but all over the internet. The information is out there. People will either listen, or they won’t. </p>
<p>@Abcde11 - I didn’t read the article as trying to gin up sympathy for this family. Clearly their decisions were truly and nearly completely foolish. Even the ones that managed to pay off their debt in reasonably short order (and it does seem odd that they could, some detail about that would have been nice), just imagine if they had that same money in a bank account or invested in a house.</p>
<p>You are right of course that it is trivial to find many similar stories like this already out there, and many articles about the correct strategies for financing a college education, including choosing state schools when the money isn’t there for privates. But to the extent that this serves as simply one more, and if even one family sees this and it saves them the agony of bad debt decisions, then that is a good thing.</p>
<p>The school in the picture is BU, FWIW.</p>
<p>Thanks everyone for the heads up. Shows how much I notice things like that!! Been here for over 12 years and I am still clueless…</p>
<p>There was a time when Curm was busting everyone’s silly notions of financial aid and Northstarmom was setting people straight regarding how hard to push their kiddos, that I noticed. And the dad that knew every tax code applicable in ANY situation, but the mods not so much!</p>
<p>Thanks again, it does explain some other things however.</p>
<p>Kat </p>
<p>An interesting note about this article and this family: the article has changed over the past few days. I originally read it a few days ago. My DH and I even discussed it. I guess it wasn’t getting the sympathetic reaction and the comments yahoo wanted. </p>
<p>In the original article it mentions the husband was out of work for a period of time. The family almost lost their house. It also stated that they refinanced their home, with all of the debt, so that they could help with the cost of their child’s wedding. With that financial move, they lost all of my sympathy. </p>
<p>Some one above also asked how they paid off the majority of the debt. The original article indicated that the two older children had good jobs and paid it off themselves. I don’t recall what the jobs were, but it struck me as the parents weren’t stuck with the $500,000 as the headlines seemed to indicate. The children paid off the debt. </p>
<p>There are many families who don’t make this parent/child money distinction, especially if no-one has any. They all work together to the benefit of everyone. These are families who do not see education as a gift to the kids. They can’t afford to give their kids that gift, clearly. It’s all “ours”, no matter who signs what.</p>
<p>Thanks to CC I am going to college on a full ride! But I can’t imagine why anyone would pay so much for college. I know in the US college isn’t free but there’s plenty of options that aren’t as bad as they seem.</p>
<p>I read article (I think the original) as the parents agreeing to pay 1/4 of the college cost, but that they had borrowed the entire cost (or most of it) for each child on a PLUS loan and then the children would pay back 3/4 of the loan. So say it is $40k per year per child, and the parents borrowed $160k per child. Parents agreed to pay $40k of that, so child pays $120k. That works out, very roughly, to them borrowing $500 total and having $150k left to pay for the parents/third child because the older two have paid their $120 + $120, and parents their $40 + $40 for 1/4 of the older two.</p>
<p>
To some, the added cost is worth the benefits. There are threads upon threads on this. </p>
<p>And not everyone has the stats to attend college at a low price. Someone has to pay full/close to full price.</p>