If I hear one more parent tell me...

College Search & Selection
1

<p>over coffee or at a party that they actually told their DS/DD that if they get into their "dream school" then they will find a way to pay for it... I am going to scream!</p>

<p>Do you make other important financial decisions this way? Buying a house, a car, a vacation? Or do you evaluate your current financial situation (savings, investments, etc.)? Do you shop around for a deal? Compare pricing? Of course you do!</p>

<p>Are these the same people I read about that can't pay it back or think that it was unfair to expect them to pay it all back AFTER the deal?</p>

2

<p>I think people say this even if they know they can afford it. Maybe that’s just as annoying.</p>

3

<p>Edit: This is supposed to be the 3rd post, not the 1st. It is out of order. Snorkelmom started this thread!! </p>

<p>OK, so I am one of the parents that told my child that if he got into, and wanted to go to his dream school, we would find a way to make it happen. However, this is how the conversation went: </p>

<p>Us: “we know that you have dreamed of and planned on going to CMU for computer science since 7th grade. It will cost approximately $65,000/ year, more over the next 4 years. You are not eligible for any need based assistance, and you are not likely to be special enough to CMU to obtain any merit aid. So the cost will completely be yours. We are willing to pay up to $25,000/ year for 4 years only for you towards college. The rest is on you. We will be willing to use our retirement, and co-sign loans to HELP you. By using our retirement, you will have to agree to take care of us for the rest of our very long lives financially. You will also be paying back the co-signed loans on top of taking care of us. We estimate you will be paying approximately $1600-$2200/ month (possibly more) for the next 30-40 years just to pay back the loans, us, and take care of us and/or replace our retirement losses. That only includes your undergraduate degree, and if you complete it in 4 years. If it takes you 5 years, it will will be substancially more. The choice is yours”</p>

<p>Long silence</p>

<p>Son, looks up, starts laughing, says “there is no f’ing way. I am not even applying”. </p>

<p>It’s all in the presentation, and it is all about how much the kid understands finances.</p>