If I’m to pay 70% of our children’s college expenses, does that preclude them from taking out any loans at all?
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If I’m to pay 70% of our children’s college expenses, does that preclude them from taking out any loans at all?
My ex-wife says that when the divorce decree says I will pay 70 % of all college expenses that means the kids cannot take out a loan in their name to help. I am just asking that our daughter take out 3K for all 4 years of a private school degree and she says no they can’t contribute since I have to pay 70 % and they pay 0%.
Asked on August 16, 2011 New York
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
This is untrue and what you need to do is understand is that colleges (especially the ivy leagues and the top ten to twenty universities) will ask for financials from the parents and asset information in terms of what the parents can and will contribute. Your contributions will not preclude your children from obtaining school loans but you should be asking the state and federal departments of education if there are funding guidelines or cut offs for such high contributions from parents. It may preclude your children being awarded need based scholarships but loans should be easy to obtain, especially if they are directly for classes.
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