Monday, January 16, 2012

Weighing options
Now that I've filled in the financial aid applications, I'm back to worrying about financing college. It seems to be an equation with way too many variables and decisions:
  • How should I balance debt for the student vs. debt for the parents?
  • Should I take all the loans they offer or refinance the house?
  • Or maybe cash out a pre-tax retirement account?
  • Should I hold back spending so I can have the same money available when child #2 enters college 2 year from now?
  • Should I keep all my finances so that I can set up some sort of trust for msk?
  • Will msk ever need his college savings, and if not, can I roll them into some sort of support trust?
  • Should I reach out to relatives who have the resources (and no kids) to help out?
  • What are these financial aid packages going to look like?
  • Is a more expensive college a better investment if it has more support and a co-op program, or is University of Maryland too good a deal (since it's 100% paid for with the pre-paid college saving account we've been paying in for 13 years) to walk away from?
Not much sense worrying at this point. Come March/April, once all the responses and packages are in hand, it'll be time to worry.

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