You’re a parent and you are responsible to take care of your child financially. But you are equally responsible to take care of yourself. Taking on student loans so that your child can enroll at the college of his or her dreams may sink your dreams of ever retiring.

Couple getting advice from college Financial Aid Officer

Contrary to the advice you will get from many financial aid officers, you shouldn’t take out loans to pay for your children’s education, under any circumstance. Parents should not borrow money to pay for their kids’ college educations.

Locking eyeballs with the financial breakdown for your son or daughter’s first semester will be painful—even if he or she is attending a public college.

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