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Ross,
If you are looking for the simple nuts and bolts like what forms do I fill out etc the schools financial aid dept will be your best source - but in general nothing starts without filling out the FAFSA form, so get that done before you start talking to people. It requires prior year tax information and other basic financial information. In general, as cruel as it sounds, taking a personal loan is never sound financial advice for paying a childs school, especially against what you consider that money as part of your own overall retirement plan. There is just too many variables, mostly involving the finite amount time you have to pay yourself back and the compounding effect of your nest egg. If anything have them take it all out and then help with the repayment. I don’t disagree with the math behind rates on home eqt vs other loans but frankly with the uncertainty in the economy, valuation of homes and the fact that you basically don’t want / cant work until your 90. Remember they have a lot more time to pay it back and there is usually pretty nice packages as far as adjusting their payment amounts based on income not to mention their int amounts are often deductable.
Caveat is that student loan amounts are now completely crushing American youth as teh earnings on teh backside of college are way out of whack with cost and sound financial decisions especially around family are never easy as most of us have a heart....
Feel free to pm me - My father passed away a few years ago and I have been helping my younger brother through the process so I am fairly well versed in what needs to get done.
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