When we normally think of student loans, we imagine loans for post-high school education: community college, a bachelor’s degree, graduate school, professional programs, etc. But for some, that is no longer the case. Parents are now taking out student loans for their kids to attend KINDERGARTEN. I am usually 100% do-what-works-for-you, but this just strikes me as a little… extreme? strange? unwise?!
According to a March 2012 Smart Money article, pre-college loans are on the rise.
It used to be that families first signed up for education loans when their child enrolled in college, but a growing number of parents are seeking tuition assistance as soon as kindergarten. Though data is scarce, private school experts and the small number of lenders who provide loans for kindergarten through 12th grade say pre-college loans are becoming more popular.
Despite the risks, experts say many parents are intent on making private education a reality for their children no matter the cost. Robin Aronow, an independent educational consultant to families in Manhattan, says parents believe that private schools will give their children a higher quality of education and will help them get into a better college, which is why they’re willing to stretch.
I understand the desire to make sure your children get a good education, but it’s so risky to start taking on debt even before college. I would much rather have my kids attend public school from K-12 and then save the money for college. After all, you can go to school for free before college. Free higher education, on the other hand, is much harder to come by.