-Our 18 year old hopes to go to college in September. She will live in student accommodation as too far to commute.
-We are not eligible for susi grant(miss it by a few euro).
-We save €400/ month into credit union.
-We have €15000 total saved in credit union.
-Husband is signed off sick with depression (10 months) but we have income protection amounting to 70 percent of his wage. We have still managed to save.
-We have cars x 2 that are 13 years old but are running fine.
-We have 6 years left on mortgage. We pay €700 permonth.
-Our other two children hope to go to college in 2020 and 2024.
-By the time 3rd child goes to college our mortgage will be payed and we can direct that money to his college fund.
My question is whether we should use savings to send oldest to college or take out a loan and repay loan with the €400 we save. In that way , we have €10k left in credit union in case a car needs to be replaced.
I would really appreciate any insights or advice please.
-We are not eligible for susi grant(miss it by a few euro).
-We save €400/ month into credit union.
-We have €15000 total saved in credit union.
-Husband is signed off sick with depression (10 months) but we have income protection amounting to 70 percent of his wage. We have still managed to save.
-We have cars x 2 that are 13 years old but are running fine.
-We have 6 years left on mortgage. We pay €700 permonth.
-Our other two children hope to go to college in 2020 and 2024.
-By the time 3rd child goes to college our mortgage will be payed and we can direct that money to his college fund.
My question is whether we should use savings to send oldest to college or take out a loan and repay loan with the €400 we save. In that way , we have €10k left in credit union in case a car needs to be replaced.
I would really appreciate any insights or advice please.
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