You are an extremely misguided soul if you think that teaching your kids is going to get them a scholarship. I graduated forma college where the average SAT was 1500. There are tons of smart kids out there are very few scholarships so the idea that I am going to cross my fingers and hope that they get scholarships is rediculous. With respect ot being cash poor I think you are writing your statement far too fast. Maybe you need to digest what I am saying and think a little harder about it. I don’t propose that you carry a huge mortage for financial aid purposes. Infact I would say quite the opposite. As the kids approach the college years I might be looking to accelerate my mortgage payments. Worst case scenario if I have planned accordingly I would have an equity line to withdraw form in an emergency situation. I hold nothinbg against against those who use creative mortgages but I am going to have something to put down when I buy.
With respect to kids having student loans I firmly believe that this is one of the best things in the world. They are exposed to financing at a young age. They get a sense of ownership in their own education. They get super low loan rates. They learn how to budget. Do I once again advocate this for everyone. NO. If you are looking to be a dental hygenist or a lower paying occupation then you need to way out the payoff. If you are thinking of being an Investment banker it might be worth stretching for.
