<p>Agreed. What’s done is done wrt NYU. Don’t go deeper into debt. UM. this is not even a close call. You are clearly not rich or you wouldn’t have indebted yourself with a $150,000 loan and 1st child another $50,000 loan.</p>
<p>abl or someone pointed out that if this is what parents choose to do with their money (or loans), so be it. I disagree with that. A child must realize that 20-30-40 years from now, if the parent is OUT OF MONEY due to diverting retirement resources into the bank account of “prestigious private college”, it won’t ultimately have been the parent’s money at all, will it have been? It will have been the money of the children supporting the parent down the line.</p>
<p>The financial well being of the parents ultimately falls to the children – in most cultures. And I hope we can agree to that. Children of college age need to factor this into the decision to accept the self sacrificing of many parents — it in the end may not be self sacrifice of the parents, but the entire family’s sacrifice.</p>