Cost of borrowing to send child to a for-profit college may be too high

Dear Liz: My son will be going to a for-profit technical school about 120 miles away from home. Unfortunately, we have not saved any money for his college education. What are our best options for borrowing to pay for his college education, which will cost about $92,000 for four years? He is not eligible for any financial aid other than federal student loans. Our daughter will graduate debt free with her bachelor's degree in December. Since we concentrated on her education first, our son kind of got left behind.

Answer: Please rethink this plan, because your family probably cannot afford this education.

Posted by Jim Zellmer at March 28, 2011 1:42 AM
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