So shouldn't I be "concerned" about my child getting "ambushed
by an ally" while serving in the military, so that IF that doesn't
happen, she/he will have financial assistance for college? How many people
followed the advice, verbatim, of certified financial planners and are now back
in the workforce? The market lost much more of "my retirement nest
egg", than the return I'll get having a son or daughter finish school
without a mountain of debt. That's one of the reasons behind tax
treatments of 401k funds for college. So again, do your own research and do
what YOU think is best for you and your family.
A common sense article finally making the news, although educaiton mongers
don't like the idea of students having to fend for themselves and loose
money by not increasing student loan debts.The media and education
system has for years been making parents feel responsible and accountable for
student debts and loans and for the very reason cited it is a bad mistake that
is full of misinformation. A parent cosigns a loan is really a co-owner of the
debt puts the parents retirement and savings in jeopardy, the parents stand to
loose their homes to loan foreclosure if child doesn't pay it.One of my own children put me and the rest of his siblings in problematic loss
of food and care when I cosigned loan on my child and after graduation said he
wasn't going to pay his school loan. He was brainwashed by is peers and the
education system to think I was responsible to pay his student loan because of
them. His promise to pay his debt never came to fruition and I ended up with his
debt, a warning to other parents. That destroyed our family forever.
We've set aside a specific amount in a Roth IRA that we can use to
partially support our two grandchildren (who we've recently adopted) with
their future education choices. We chose a Roth instead of a 529 because we cans
still get the tax benefits even if they don't choose post high school
education when that time comes. So it may look like we're robbing
retirement funds, but the financial effect is the same as contributing to a
529--but with more flexibility in how we ultimately use the money.
With creative thinking,and hard work, a person can pay their way through
college. I did it, and so has my three children.It's part of
the education process.
My 2 Cents,Sounds like you had a unique parenting problem rather
than a common occurrence.