finicity

Should I Borrow for my Child’s College Education?

The Bible never classifies debt as “sin,” but it clearly defines it as slavery. Debt is never encouraged and there are clear guidelines for those of us who both borrow and/or lend money.

In the book of Proverbs we read that “The borrower is slave to the lander.” So how should we apply this truth to funding our children’s future education?

1. Consider working and studying, even though it may take a bit longer to graduate. Graduating one or two semester later debt free is far better than graduating early with tens of thousands of dollars worth of debt.

2. If you do borrow, make sure it’s only for your direct college expenses. Limit your loans to a minimum.

3. Immediately create a debt repayment plan and understand how the monthly payments will affect your overall monthly cash flow.

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