Parenting: Loans for kindergartners on the rise
April 23, 2012 (WPVI) -- Most families struggle with the idea of saving to send their children to college. Sometimes it's hard enough just to save period.
Now it's even harder to try and keep up with tuition costs, which are rising well above the inflation rate each year. Yet, some families are complicating things further by taking out loans to send their children to kindergarten.
Yes, kindergarten, of all places. This news comes to us in an article on SmartMoney.com.
The author, Annamaria Andriotis, admits there is no hard data on this. However, Your Tuition Solution, a lender that offers pre-college loans, tells SmartMoney that the amount of requested loans (again, for pre-college children) rose 10 percent from last year.
Most of the applying families, as you can imagine, are wealthy enough to make this financial decision.
It appears competition to get children into the best private schools is heating up on the front end. Parents are fearing that if "Johnny" or "Joanie" doesn't get into that top kindergarten, their college future will be in disarray.
We have seen parents line up overnight to enroll their children in the Penn Alexander School in West Philadelphia. It does not charge tuition because the University of Pennsylvania contributes a certain amount of money per student, however has limited space for new students.
I visited the campus on a very cold morning last year, where parents explained to me their motivations.
matt o'donnell parenting reports, parenting, matt o'donnell
- Photos: AccuWeather Maps: Snow arrives tonight
- Snow will turn the ground white again!
- Get the 6abc StormTracker app
- WATCH: Action News Online
- Woman, 98, injured in Powelton high-rise fire 33 min ago
- Mike Schmidt reveals skin cancer battle
- Police: Driver, who hit pedestrian, hit by car
- Malaysian police examine pilot's flight simulator
- Crimeans vote to leave Ukraine, join Russia
- Delaware man suspected in 14 different thefts
- NJ salon customer allegedly attacks employees 41 min ago
- NJ state police trooper among 3 injured in crash
- Police: Man strikes own brother in hit and run
- Book 'em! Wilmington cop donates books to kids