If you had to make a decision between getting completely out of debt or paying your kids' college tuition for a year, which one would you choose? They would have to take out a student loan otherwise.
-Consider the rates for your debt. If we're talking consumer debt such as credit cards, the rate is almost certainly higher than the rate for a student loan. If you have a low-rate home equity loan it might not make sense to pay it off.
-Done before the kid applies for financial aid it can reduce the parents' cash on hand, reducing their EFC (Expected Family Contribution). Although debt is considered in FA decisions some families choose to pre-pay bills such as the winter heating bill to qualify for more FA.
-There's nothing inherently evil about student loans. Some families feel having a little skin in the game motivates their student. Some families take out loans but the parents pay them off. Some need their kid to take out student loans to be financially secure and have enough for retirement themselves.
-Make sure you have enough cash on hand to pay for incidentals (books, travel, etc.) as well as an emergency slush fund. That slush fund could be something like a home equity loan but make sure you're not putting yourself in financial jeopardy should you have an issue like job loss or illness.
-If your kid is considering graduate school, particularly med school it will be in their best interest to come out of college without a lot of debt. That doesn't mean, however, that you should bankrupt yourself to get them there.
-Think about your own spending patterns. Will being debt free encourage you to spend more or will you be just as thrifty as if repayment wasn't delayed until after your kid graduates?
We are having a pretty laid back holiday with most of the extended families staying home or had other plans. Some of my adult nieces and nephews are getting together for a cousin Thanksgiving out in Oregon. This was planned at my mother's funeral in August when they decided to make an effort now to keep in touch. There are 17 of them and they live on both coasts and in between.
I hope all of you are getting some movement mixed in with your busy lives. The board has been very quiet lately.
For your observation have a sentence strip pre made with "I am thankful for" and several cards, each with a picture and the word of some typical things they are thankful for. Call on children to come up and using a pointer point to each word as he/she reads the sentence strip and the card. (skills: left to right progression, matching voice to print, punctuation, sight words)