>>>>>I just find the whole common versus royalty difference interesting (especially since we don't have it) :o)
>>>>
>>>>I find the denial of a class system in the US always amusing.
>>>>
>>>>Your child has exactly the same opportunities and connections in life as an Ivy League student from one of the older families. I'm sure . Not. :-)
>>>
>>>Actually, for most that is true. It really depends on the career choice. With grants and student loans it is possible. My co-worker's sons both went to Harvard on student loans. The benefit Ivy league students get is when they graduate - family connections and the degree can get your foot in the door of some companies - especially when the competition is tough.
>>
>>And then there's the minor difference in having to pay back the student loan to the sharks (for those unlucky who studied where the sharks insinuated themselves right next to the advisor's desk) vs those who didn't have to think about the money at all. And all those places you're priced out of.
>
>Sharks? :o) Almost all student loans are so low in interest that it barely counts. Even parents can get Plus loans at 7.9% fixed rates... Student loans (there's two types: subsidized and unsubsized and if the student is going to an expensive college, it's generally a combination of the two) are no interest or range from 2.5% to 6.8% - depends - stafford, william d ford, etc...
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>there are also programs for having the student loans forgiven...depends on the career choice.
>
>Personally, I think all education through university should be free to all - paid for by taxes (not really free then, but the cost is distributed - yikes - that will bring some angry comments).
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>I'm paying off my daughter's student loans now (instead of waiting for the degree - I'm working on them as she takes them out) That's my agreement with her. Get the grades and I'll pay the loans... then when I'm old and grey... :o) she may forget about me but hopefully not :o)
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>She had to take the loans out though so she is responsible for them and if she doesn't get the grades.... :o) Also, she gets the lowest interest rates (or no interest)...
>
>The only thing that bugs me to no end is the computation for the amount of government subsidized and unsubsidized loans - they figure the percentage of the college expenses that parents are expected to contribute based on the previous year's income. If a parent made more income in the previous year but had many lean years (hence no college savings) prior, they are still expected to have saved for college based on last year's income. Makes no sense. It's almost to the parents benefit (and the student's) to lose their job during the college years - and then they qualify for the grants.

This sounds not unlike how it is in the UK now. Except if you income does vary you can send in an estimate and they claw back if you are wrong.

One thing they advise here is not to pay off you childrens loans because you may be able to invest the money(if you have it :-)) at a better rate than the loan interest.

Also all the loans are government provided so there is only one rate of interest.