This is just sheer stupidity on the part of the Parents. I can understand wanting to help your kid succeed but you do not owe them a prepaid college education. Especially if you need to save for your own retirement. Your kids should have the means without Mommy or Daddy to attend college in state at the state university or even attending a community college program. Baring that they can easily find an employer with tuition reimbursement, most employers have that benefit. There are plenty of college education options without the Parents taking out loans and going into debt themselves.