DEAR HARRIETTE: My oldest daughter is preparing to head to college in the fall. She has worked so hard over the years -- as a student and as a sister. Her father and I spent a lot of our time working, and she picked up the slack with her two younger siblings. She never complained and always made us proud with her grades and her kind heart. She’s earned a scholarship from her dream school, which covers tuition but not room and board. Although she hasn’t said so, I know she’s been looking forward to being on her own for a change. I want to help make this happen, but even with her scholarship, travel and year-round lodging are expensive. My husband and I are considering taking out a second mortgage on our home, but we wonder if this is worth going further into debt for, especially when we still have two other children who will also be going to college eventually. Would a local or more affordable school be so bad? I don’t want to disappoint my daughter, but I feel torn. -- Indebted Mom
DEAR INDEBTED MOM: Talk to your daughter. Encourage her to consider a state school, which is likely much more affordable, if only for the reduced travel. Look into whether you can afford to help her get an apartment if she stays at home so that she can have some independence.
If she is set on this other school, consider student loans. Yes, they have to be repaid, but they do make it possible for students to matriculate and pay for their education over time. She should also look for more scholarships from other businesses and organizations; there are lots out there if you search!