My stepson recently turned 18 and has his heart set on an expensive out-of-state university. It'll cost something like $40k/year after scholarships (but likely more as fees go up). He's getting $5k this year in federal student loans. There'll be at least $20k from my wife and I. His grandmother may contribute up to $100k, but likely not for a few years.
My stepson didn't apply anywhere else (dumb, I know). I feel us lurching toward a situation where my wife takes out some massive, $150k Parent PLUS loan that the grandmother partially repays. I've got far more savings than my wife, but we've got a baby due in October and plans to move to a HCOL city, so I don't want to spend it on this.
My wife thinks that between his jobs, maybe graduating early and forcing him to pay his own housing costs past the first year or two, we'll figure it out. I'm worried that the kid, his mom and I are all gonna be stuck with a huge bill. It's not hard to imagine marital friction and a hit to her credit.
Any advice on avoiding this financial cliff ahead of the August move-in? My wife tends to procrastinate on thorny problems and I like to dive in, so that's part of the dynamic.
Submitted May 20, 2024 at 10:37PM by Pleasant-Plantain-13 https://ift.tt/42JPNc3
