Girl Ninja isn’t even pregnant (sorry Mom-Ninja-in-law), but I’m pretty sure I already hate our unborn children. Or at least, that’s the way society might see it.
Don’t get me wrong. I’ll definitely love the heck out of those little ninja’s, but I wont love them enough to jeopardize my and Girl Ninja’s future. In other words, it will be a cold day in you know where before I take out a loan to help fund their college education.
I punched debt in the face back in June 2010, and as of this moment, I have absolutely ZERO desire to finance anything ever again (except a house of course). You think I’m going to let my kids’ change my mind!? Heck to the No I wont!
That said, I DO plan on my children going to college. In fact, they really only have two options post high school: 1) Move out and get a job or 2) Move out and go to college.
Since I refuse to take out a loan for their college education, but I desperately want them to go, I have to figure out a way to reconcile those goals.
The first, and most obvious objective, is to begin saving for their college education long before they plan to attend. College has never snuck up on anybody…ever. So why do we allow people to pretend like it does? I know, the day Baby Ninja is born, I have an 18 year countdown to college. Seems like enough time to make something happen. With 529’s, ESA’s, and prepaid tuition options, there is little excuse for not looking ahead.
Even if I don’t have the liquidity to fund my children’s education, I sure as heck wont go in to debt to make it happen. If my kid wants to go to a private school and can’t get enough loans or scholarships to pay his way, guess what? My kid ain’t going to private school. There will be no entitlement in the Ninja household. I just don’t get how parents can take out $50,000 parent loans so their kid can go to some obscure private school in the middle of Arkansas that nobody’s ever heard of.
With public school tuition and junior college tuition being as cheap as it is (compared to private school tuition), coupled with the various savings plans/scholarships/student loans, there really is no reason Girl Ninja and I would have to take out a loan for our kid to get a four year degree. So why do you think people do it?
Do you know any parents (or kid’s whose parents) funded their childs’ education with parent loans or 2nd mortgages? Would you ever take out a loan to pay for your child’s college experience?