Student Loans for your kids

[Blackshirts_Win_'ships]

My worst nightmare job would be a pediatric oncologist or anything along those lines watching kids die from shitty diseases.

I did my undergrad research in a pediatric ophthalmology clinic, but had to walk through the pediatric oncology office space each day to get there. There was always something in the air about something so sad (likely just in my own mind knowing the purpose of the area), but damn are all those involved in that line of work special people.

 

[jaihawk]

So I got to thinking about this today... If we go the ParentPlus loan route for our kids, the debt only shows up under us and technically, we're responsible for it, correct? Given that we've got a 800+ credit score, own a house that's less than 2 years old, and have newer vehicles, I wouldn't think that would end up negatively affecting our credit score or our ability to get a loan.

But if we have her take out the loans through a private institution, then it will sit on her credit report and would impact her as she tried to open up a credit card, get a car loan, etc... Correct?

Is the only negative the possibility of your kid flaking on you and refusing to give you the money to make the payments?

 

[Jim14510]

So I got to thinking about this today... If we go the ParentPlus loan route for our kids, the debt only shows up under us and technically, we're responsible for it, correct? Given that we've got a 800+ credit score, own a house that's less than 2 years old, and have newer vehicles, I wouldn't think that would end up negatively affecting our credit score or our ability to get a loan.

But if we have her take out the loans through a private institution, then it will sit on her credit report and would impact her as she tried to open up a credit card, get a car loan, etc... Correct?

Is the only negative the possibility of your kid flaking on you and refusing to give you the money to make the payments?

Correct. Although I believe you can get a better interest rate on her taking the loan in her name. Not sure though.