I was perusing my blogroll tonight (I have nothing else to do as my wife and I have 10, yes TEN, boys in our house playing Guitar Hero) when I came across Grace’s post highlighting a story she read in the Kansas City Star. The woman in the article owes $76,000 in parental loans for her son’s college education (and she only makes $34,100 per year).
Anyway, this leads me to the following question:
My opinion: No, not if they can avoid it. I don’t think there’s anything wrong with helping your kids with college but I don’t think it is wise to go into debt to do it – especially if the parent’s retirement account is small. I think the priority should be the parent’s retirement plan and security first and the kids’ second. I’m far from an expert on financial aid, but I know there’s lots of opportunities for kids to get aid. And, although it’s not optimal, there’s nothing wrong with a kid working through college or going to a cheaper school.
Those are my thoughts. What’s your opinion?