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None of that excuses poor financial decisions. Raiding your 401k for frivolous (yes I'm calling a wedding that) expenses is against any personal finance 101.
by whatok 11y ago
None of that excuses poor financial decisions. Raiding your 401k for frivolous (yes I'm calling a wedding that) expenses is against any personal finance 101. I'm willing to bet that the author's financial illiteracy did not start at whatever age they happen to be and that they likely have made a series of poor financial choices throughout their life. Financing your kid's college when you have no savings will have a crippling effect on you as well as your kids when they have to not only pay back the money you borrowed but also pay for your retirement because you didn't save any money.
- deleted 11y ago[deleted]
- thomaskcr 11y agoWhen did it become normal for parents to pay for college? I always thought that was something you do as basically a huge gift. I came out with a bit over $100k but I chose that school knowing full well it would mean 10 years of higher payments and it was worth every penny in my opinion (I got so much out of college - I feel like the only person who came out with a huge loan that's happy with it). My parents paid the interest on my loans all through college and made the first couple payments while I transitioned into the real world -- I am eternally grateful they did even that for me. I see it more and more that parents are expected to pay for their children to go to school - which also means that a big part of my loans are probably because of my father's income being counted when I did the FASFA. If the non-dischargability of the loans is based on a lack of finanical history (which I know I'm in the minority but I do feel that's fair), then the applications for financial assistance really shouldn't take it into account unless your parents are actually paying for your school.