<p>The reason I say MYOB is because from what you have said, his parents are in it with him. Would you be involving yourself in other financial decison that his parents are making, many which may involve him? It’ would be a whole other story if this were just something he were doing on his own. You can argue with him and call him every kind of idiot, if your relationship so warrents. BUT, “yo mama” are fightin’ words. Family finacial decisons outside of your own, do not involve you and you are NOT part of his family. So MYOB.</p>
<p>I’m going to take a different approach from other posters on the board. </p>
<p>I didn’t get the impression that you were looking for a “i’m so wonderful and he’s so bad” kind of reinforcement (and who cares anyway!). I think you are to be commended for applying and qualifying for the academy. It is very, very difficult to get in. And, yes, it is a long term commitment (eons ago, when I thought about the Coast Guard Academy, it was free degree, 5 year service commitment). But, you will be paid for your service when you graduate. And be debt free when you complete your service, and likely still in your 20s. </p>
<p>As far as advising your friend… you came and asked if you thought it was risky what he was doing. Yes, it is. Especially as many forms of educational debt CANNOT be forgiven. $120k even without interest is $1000/month for 10 years. (That may be why they are going a different route in arranging the loans). So, you nicely say to your friend - gee, I really care for you, are you sure you know what you are getting into? I think maybe you might want to visit the career center if you haven’t already and think about what grades you are getting. Then, you drop it because there is little else you can do and some people can be very contrary when questioned. </p>
<p>Best of luck at the Academy, and thanks for serving.</p>