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Hi All!

Thought I would try my question here since some of you may be familiar with having to payback loans.

My son will be starting his third year of college this fall. We are paying for 75% of his college costs and he has to come up with the rest. That was the deal! His first year he was able to meet his portion from money that he saved. This past year he fell far short of paying his portion. (Didn't feel like working too much last summer). So we also paid his portion and now owes us several thousand. Here it is the third summer and he has worked very little and will not be able to come up with money for this fall tuition.

We told him he will have to take out a student loan, but being 21 and still our dependent the college says we have to fill out a FAFSA form. We never did one originally because financially we would not qualify for any free money. We are not rich by any stretch but we live below our means and have a nice amount in savings and investments. We could loan him the money but feel he needs to be accountable to someone else. It is a double edged sword because even with a loan it appears we would have to co-sign making us still responsible for his debt. I would prefer not to have to fill out a FAFSA! Nothing to hide at all. Just don't want more of my financial info out in the government/public arena.

Any ideas on how to handle this or suggestions on how to get him set up with a low interest loan. I spoke with some banks at a college fair that my daughter went to last year and bank loan interest rates are too high!

Thanks!

Pat
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