Selling home for son's college education?

aaaaaaaaNovember 9, 2010

Hi All,

My son will be going off to college in next two years. He is now in Junior High.

The way things are going on now a days (in general) I am concerned if I will have enough funds to put him through the college.

I am planning to put my home in the market next spring and raise some funds for the cause.

Question is -- is this a bad idea? Is it safe to still own a home while my son goes to college and borrow loan on the house? This way I have to pay both the college loan as well as the mortgage plus the interest. That I cannot afford.

I was not sure if this is the right forum to post this--but still related to education.

Any suggestion/advice is welcome related to the concern.

Thank you in advance.

Anna

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maymo

I wouldn't! When he enters high school, they will have parent meetings that will guide you through the loan process. There are some student loans that will work for you. He can also apply for student aid, scholarships, pell grants, etc. You want to keep your home so you can write off the interest at tax time. Also, where would you live? What if he drops out? Lots to consider.

    Bookmark   November 9, 2010 at 6:28PM
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workoutlady

That is a really bad idea. There are lots of options for your son. If you seriously considering doing this, you should consult an investment advisor. Your son should be expected to work thru college. He can go to a more affordable college. Depending on what he is going for, there's a possibilty of loan forgiveness. Also, if he is planning on going for something that nets lots of money, he'll be able to repay it quickly.

I'm not sure when parents decided they needed to fund their kid's college education. My daughter just graduated from college this year. I did not fund her college. I helped her out, but I did not fund it and I did not go into debt for her college. I really believe that if a person wants it bad enough, they will find a way. By the way, she owes about $10,000. That is not much to owe by college standards.

    Bookmark   November 16, 2010 at 9:33PM
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joaniepoanie

Do not sell your home for college $. First, i would go to your son's future high school career center or guidance dept..they will have a wealth of information to give you regarding loans, grants, scholarships, etc. if finances are really tight, he can live at home and attend a local community college for two years then transfer, usually quite easily, to a four year college. If he does go away to college, he can do work-study, be an RA in his dorm, etc. my nephew got a big break on tuition by helping to manage the basketball team...plus he got to travel with the team! Depending on where you live and what your son wants to study, there is the Academic Common Market.....if no college in your state has your major, you can go out of state but pay in-state tuition. This is what my son did.....you have a lot of options...but don't sell your house OR touch your retirement accounts to pay for college!

    Bookmark   December 3, 2011 at 10:08AM
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