Reply to s/o If you didn't attend or apply to a top college because of the cost...

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[quote=Anonymous]My parents gave me a number and told me that was the total amount they had saved for me to go to college. They said that anything more would need to come from loans, grants, etc. So I only looked at schools that didn't cost more than they had, because they had raised me to fear debt more than anything. On the one hand, I graduated from a perfectly fine state school where I enjoyed my time. On the other hand, there were schools that offered things I really wanted that I never even seriously considered because my parents had so spooked me from even exploring loans as an option.

For my own kids (one in college and one applying next year) I talked about what student loan debt looks like and how it works in real life in terms of repayment. I told them what I could afford to contribute, how much debt I was willing to take on, and I put a ceiling on the amount of debt I felt comfortable allowing them to take on in their own names. This left the door open for a huge number of options. My oldest is at a small liberal arts school that was pushing the edge of my limits but because of merit-based grants we are actually at a much lower number than I expected. [/quote]

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