LGbunch
LGbunch asks:
Q:

Pay off home, or save for college?

In a few days, I should be receiving approx. $80K from my fathers estate.  I have a son who is going into 11th grade and plans on continuing to a 4 year school to pursue Engineering.  The balance on our home is $80K.  My husband wants to pay off the house, but I want to save for college.  We are currently 6 years into a 15 year mortgage.  I also have a 13 year old that will be headed to college in 5 years.  

How will having either savings, or owning our house outright affect my sons ability to receive financial aid?  Although we are "middle class", I don't see how we can afford tuition without financial assistance.
In Topics: Financial planning for college
> 60 days ago

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Answers (1)

richy00987
richy00987 writes:
Not convinced ESA is right answer. We are in between the thought process mentioned. We only have 11 years left on our 15yr mortgage. If we get serious we can pay off the house in 5- 7 years then able to afford $2,000 a month in college tuition payments.....
> 60 days ago

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