Would you take out a loan for Kindergarten?

iVillage Member
Registered: 11-18-2008
Would you take out a loan for Kindergarten?
12
Mon, 04-02-2012 - 4:54pm

The thought had never crossed my mind until I read this. I just can't picture taking out a loan for schooling that early in life. Maybe my thoughts would be different if we didn't have so many options here in the area.

Would You Take Out a School Loan to Pay for Kindergarten? A Rising Number of Parents Say Yes
http://www.ivillage.com/parents-get-school-loans-pay-kindergarten/6-a-439710
Photobucket

Pages

iVillage Member
Registered: 05-18-2005
Thu, 04-05-2012 - 10:03am

I was reassured by the fact that we managed to keep our heads above water paying for daycare, which, as pp notes, costs more than state college tuition.

http://i218.photobucket.com/albums/cc248/gwennyc/b6yfcl.png<A href="http://s218.photobucket

iVillage Member
Registered: 11-18-2008
Tue, 04-03-2012 - 3:14pm
turtleemom wrote:

We are hoping not to need to take out loans for undergrad either.

Photobucket

Avatar for turtleemom
iVillage Member
Registered: 07-25-2007
Tue, 04-03-2012 - 3:08pm
If parents took out the loan, they should have to pay a loan back in case of death beacause they spent it. The fact that the child did not get to utilize the education the loan paid for is not the lender's fault-- same with illness/disbailities.

Maybe our government wouldn't be in such financial problems if there were a bit stricter on loan repayment.

iVillage Member
Registered: 09-12-2003
Tue, 04-03-2012 - 3:01pm
As for qualifying for a federal loan. Income would only bar u from a subsidized loan. You could still get an unsubidized loan main difference is interest on a subsidized loan is paid by govt while in school or on a deferment while an unsub loan it accrues while in school. Now there are loan limits which vary per year of school. This was the same when I started college in the early 90s my parents made too much money for grants all I could get was unsub loans my dad didnt want that so we paid out of pocket. He did borrower against the house but he had plenty of equity. Most people take private to make up where federal ends. Again there are loan limits with both sub and unsub loans do even if u get grants and perkins and such it still may not cover the cost so private loans come in.
Photobucket
iVillage Member
Registered: 09-12-2003
Tue, 04-03-2012 - 2:29pm
With a private loan if the student dies the parent still has to pay with a federal even a parent loan is forgiven in the case of death. If the student becomes disabled and can't work with a federal loan it can be discharged not with a private. If u loss ur job with a federal loan u can postpone payment u can't always with a private or some will for a fee. Also on a private loan u can default after 1 missed payment with federal it's 9 months. Interest rate on a private loan will depend on ur credit. Federal it's a decided by congress and usually fixed.

Yes in a perfect world u pay back what u borrow but things happen in life. Kids die, people have breakdowns get sick have accidents I've heard it all some valid some not and why should a parent have to continue to pay for their dead kids school or if u can no longer work how are u supposed to pay? Now I do get not so food reasons too but for everyone 1 who just doesn't want to pay there is another who really can't or shouldn't.
Photobucket
Avatar for turtleemom
iVillage Member
Registered: 07-25-2007
Tue, 04-03-2012 - 2:02pm

No I would not take out a loan for kindy.

Avatar for turtleemom
iVillage Member
Registered: 07-25-2007
Tue, 04-03-2012 - 1:54pm
This was 20 years ago, but my parents were not eligible for govt loans. Private loans were my only option. My parents paid the interest while I was in school and the principle was deferred unit graduation. The interest was less than a credit card and they were paid off in 6 years. If you plan ahead, and spend accordingly, I don't see how private loans are any worse than govt ones-especially for those 'make too much for govt help' families 'but not enough to boot the entire college bill'. If you are taking out a loan you should plan to pay it back and not look for relief or a way out.

iVillage Member
Registered: 08-31-2009
Tue, 04-03-2012 - 1:52pm

I'm really surprised that kindergarten is still half-day anywhere!




Photobucket

iVillage Member
Registered: 11-18-2008
Tue, 04-03-2012 - 12:42pm
liamsmom724 wrote:
Bottom line whether its loans for kindy or college you have to think beyond present day and weight benefit vs the cost.


I have to agree there. And if I'm forking out lots of money for education, I'd rather it be on the college end than Kindy.

Good info Heidi. Thanks for sharing!

Photobucket

iVillage Member
Registered: 11-18-2008
Tue, 04-03-2012 - 12:37pm
momto2xys wrote:

Maybe not for kindergarten (which is full-day and free in Maryland, unless you just 'have to go private').

Photobucket

Pages