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African American Mommies African American Mommies

Would you...

Posted by on Apr. 1, 2012 at 1:03 PM
  • 32 Replies

Get a second mortgage on your house to pay for you child(ren)s education? I'm really torn.  I'm so close to paying off my house. Sooo looking forward to it. However, I don't know that I can continue to pay for my daughter's education if we don't get a second mortgage on the house. She is a 18 years old and a freshman. My son is 13 and will be a freshman in high school in the fall. The public school system around here is in the gutter.  The kids are unruly.  He tells me at least twice a week about how some kid cursed out the teacher, kids walking in and out of class as they please, refusing to go to the principal's office when directed to do so.  Security is often called to the classroom to remove students.  It sounds like way to much correcting of behavior and not enough time teaching.  It's not the fault of the teachers but it's not my fault or my son's fault either. I've been looking into private high school for him.  They are all anywhere from 8-12 thousand a year. Between that and tuition for college, the only way is to get a second mortgage.Should I let my daughter get student loans and pay for school herself? Should I pay for college and let my son go to the substandard public school? I clearly can do only one or the other.  NO way can I do both without a second mortgage. I don't one to feel like I'm choosing the other. I keep telling myself my daughter is supposed to be an adult so let her be an adult. I didn't want her to start her life in debt, but I don't want to end mine that way. She made it just fine through the public school system, but she is one of those kids who will do fine no matter what.  My son is a completely different story.  The environment and setting have to be right for him.  He isn't like her and boys have a different set of challenges to face than girls.  Would you get the second mortgage for the son, the daughter, both or neither?




by on Apr. 1, 2012 at 1:03 PM
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Replies (1-10):
msgamom
by Bronze Member on Apr. 1, 2012 at 1:44 PM
Have you looked in charter schools in your area?
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Kandie7113
by on Apr. 1, 2012 at 1:54 PM
1 mom liked this
See if she can get grants or scholarships.
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supermom664
by on Apr. 1, 2012 at 1:58 PM
I definitely wouldn't take out a second mortgage to pay for my kids college education...both of my kids got full scholarships...my dd is now in Grad school and she took out loans
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inmybizz
by Platinum Member on Apr. 1, 2012 at 2:01 PM
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I wouldn't do a second mortgage.. I would have her apply for aid /scholarships..Are there any good charter schools for your son.

Hottmomma607
by Group Mod - Trica on Apr. 1, 2012 at 2:51 PM
Nope!! We are putting our younger two into this private school(well DS will go in 6th grade)! With garuntee all their graduates go to college! My kids will be working on scholarships plus money from the VA.
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sexychica25
by Platinum Member on Apr. 1, 2012 at 2:53 PM
Getting a second mortgage after I'm si close to paying off the first, would be a big N.O.

Quoting Kandie7113:

See if she can get grants or scholarships.
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mamaofficer
by Silver Member on Apr. 1, 2012 at 3:11 PM
No I would'nt do that, I would let her get loans.You would probally have the house paid off, by the time she has to pay them back.Everbody I know that got a second mortage hate they did it. I just asked this question in other post, and everbody advise me not to do it.
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.Peaches.
by Le Chatte Noire on Apr. 1, 2012 at 3:59 PM

Unless ya'll bout to draw up some legal papers that say she's gonna pay off that second mortgage when she graduates, that would be a big NO.

I don't believe that parents should have to put themselves into debt to finance a college student's education...my children are not OWED that. I gave them life and will raise them...after that, they're on their own; I gave them what they were owed at that point.

I don't think you should take out a second mortgage on your house....its just unreasonable to me. She can take out some loans, she can get a job, or there's always work-study, grants, scholarships....to me, that's part of growing up, is figuring out how to get stuff DONE, and that includes financing HER education.

Carma998
by on Apr. 1, 2012 at 11:01 PM
She can't get grants. She is currently receiving a scholarship that pays 12000 a year. My husband and I are paying the other 14. She doenst qualify for work study. It wasn't part of her award package.
MandiFuego
by on Apr. 1, 2012 at 11:03 PM

Can she balance work and school? I've been told by people that working their way thru school made them more "appreciate" things more...I on the other hand am money hungry and I WILL let my GPA drop for some extra hours >.>

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