<p>The survey asked for total debt, including parents...
I don't see many people posting about how much debt their PARENTS will go into to pay for undergrad...are families not telling their kids how much of their EFC's being covered by incurring debt, are kids not asking, or do kids just assume the Bank of Mom and Dad will handle whatever's needed?</p>
<p>Nothing... 0!</p>
<p>I plan to borrow $1,000 for preliminary expenses for next year; My parents have already told me that they are not paying anything towards my EFC which is kind of f'ed up seeing that they are the reason why my EFC is so high. My parents don't make a lot, but FAFSA says I have to pay $6,645 for college next year.</p>
<p>Thanks to the kindness of TWP (The Washignton Post) and Donald Graham (a close contact) I've been granted $95,000. Unfortunately, the scholarship might not cover my efc. Williams College is giving me about $60,000 more in grant need-based aid, no loans or work-study. but since my parents aren't paying my efc, i might have to borrow anyways. I don't mind going $10,00 or less in debt, but I consider borrowing a last-ditch strategy.</p>
<p>rlhill, Congrats on winning the scholarshipa and getting great non-loan aid. If you're that close with merit and need-based, you can probably qualify for Stafford subsidized loans, which are the best kind of student loan to get. Relatively low rate, payments start after graduation, and the gov't pays the interest while you're in school. Not having work-study also means you can pick up a part-time job during the school year to take care of spending money, too. Good luck!</p>
<p>CountingDown, my parents will not go into any debt to pay for my undergraduate education. They have always been great savers and even like pay everything off in full (including car purchases) to avoid overpaying with purchase plans. However, I know that my costs for college will be quite a drain on their savings, and so my plan, is of course, to make the best of my education so that in the future, I can offer financial support to my parents.</p>
<p>I suppose I'm thinking of this as getting a loan towards my education from my parents, which I won't pay back in a check of any form, but through gifts and vacations and various other things that will help them live out their later lives. My parents don't expect me to repay them anything for paying for college, but I just think it's only right to share with my parents the rewards of my (hopeful) success since they've given me so much :)</p>
<p>CountingDown- if my parents were going into debt for my undergraduate education, then why the heck would I be in debt too? My debt is incurred specifically because they weren't willing or able to do that. </p>
<p>One could argue that they have some indirect debt from it- i.e. they may have paid down their mortgage a bit quicker if I weren't in school, or could have afforded to purchase something outright instead of on credit card, but those sorts of indirect debts are things that they probably don't even count themselves as being educational debts.</p>
<p>Over the course of 4 years probably around 50k or more for Berkeley since my parents aren't willing to pay. Even though I'm getting mostly fin aid, lots of it is loans and I have to take out private loans on top of that...if I stay on for a 5th year masters even more. Not so great since i really want ot go on and get my PhD after undergrad.</p>
<p>No debt here! :-D</p>
<p>"Don't let anyone scare you out of a military commitment because they underestimate your ability to think for yourself"</p>
<p>I took an ROTC scholarship in 1977 with my mothers "encouragement". I had NO IDEA what I was agreeing to, until I was called to active duty in 1990. I was a Psychiatrist in the military during the Gulf War.It WAS a good experience for me, and I feel very fortunate about that.</p>
<p>Xellis: Re Post #25: As a parent, I applaud your perspective. Your parents won't want you to write them a check, but being appreciative and providing unexpected gifts is payback enough.</p>
<p>none for moi</p>
<p>my approximate $25000 of debt is me and my parents. they are willing to chip in but not that much since they are paying the left over cost that wasn't in my finaid. It's not that much money but i pretty content with having to pay $25000 myself. If I work hard, i should be able to scratch that in five years or so. So, I'm ok with it.</p>
<p>^I mean nobody said that college was going to be free. If I can get away with $25000 of the total $180,000 for the cost of my degree, I'm fine with that.</p>
<p>larationalist,
Why would I, as a parent, go into debt if my child is not willing to have some stake in his own education? We've told our kids that we're in this together -- they will take out Stafford loans, they will work for spending/book money, they will do their best to make the most of scholarship opportunities -- and we will not limit where they choose to attend school. </p>
<p>Xellis: I like your "pay it forward" philosophy. I'm sure your parents will appreciate that YOU appreciate what they've done for you.</p>
<p>My DH and I both had parents who refused to contribute a penny for college. We know what it's like to work and pay one one's way at schools where that simply isn't done. We decided early on that we would do whatever it takes financially to send our kids where they want to go. If they are fortunate enough to earn free merit rides and choose to take them, I look forward to renovating our kitchen. If not, I look forward to helping to make their dreams come true, and I'll be thankful every time I drive to the bank in my old minivan to make a payment on the home equity line.</p>
<p>Sorry to get preachy here. It's just the dollars involved in a college education are too substantial for it to be less than a team effort, IMO.</p>
<p>princeton's grant system means i can graduate virtually debt-free; hurrah!</p>
<p>"No debt, zero, nada!"</p>
<p><3 my parents</p>
<p>As Shrinkrap wrote, I'll graduate from Cornell debt-free but with a multi-year commitment to the Army. Having done the research I call it a good deal.</p>
<p>None! =))</p>
<p>$35,000 in best case, $45,000 in worst. It's a very low-interest, laid-back repayment governmental student loan (the same cameliaensis is on) and I'm heading to a very good school and hopefully a solid Ph.D. program after that so the saga of a debt-free future is what I tell myself at night to stop worrying. Ugh.</p>
<p>My parents didn't and won't chip in, but I take it as an obvious to echo a previous poster - it's no more than right, fair, and very much an awesome honor if we can have the chance to pamper our parents spoiled rotten someday.</p>