<p>Opinions wanted:
We are considering taking all loans out in son's name and refinancing after four years to pay off a large chunk of them. All he will have left at that point would be Stafford loans, which we expect him to pay. He has a good job for summer and will be responsible for all costs other than tuition and room and board. We will be paying for college using 1/3 out of savings, 1/3 out of income and 1/3 in loans. I like the fact that we can defer paying these loans until he graduates.<br>
There are probably a lot of pitfalls to this, so I am interested in your experiences and opinions. Our mortgage will be paid off in 8 years, so refinancing at that point should be a viable option. It's important to mention that we will have 2 in college when he is a junior and 3 in college when he is a senior, so our costs will be rising, but our EFC for each school will go down. His school uses FAFSA.</p>