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[quote=Anonymous]Can I suggest that you read The Color Of Money article about Michelle Singletary's daughter wanting to go to UNC and ending up at UMd (I think, that's the one).  If you google it, it might give you some insights.

If you tell your daughter how much you can pay and leave it up to her (as PPs suggested), I think it's VERY important for you to also discuss her major and the types of jobs that she might get (including the types of salaries that those jobs have)... and exactly how much PER MONTH and for how many years she will have to pay it back.  Then you should talk about how much rent is for an apartment and food, etc. etc.

If you just tell an 18 yr old "you decide" and "you'll have to pay the loans," the 18 yr. old won't really understand the impact of the choice.  She'll just think "oh, I'll get a great job and I can pay it back later with no problem."  Even at 25, the concept of what it would take to pay back $70K in grad school loans was just amorphous to me.

The reality is that undergrad education is probably not going to be the end of the road.  There will likely be grad school after that too.  Starting out with $60K loans (even if there is no grad school or it is paid via military or through being a TA/research asst.), puts anyone in a 10+ yr. delay on being able to afford a first house, car, etc. etc.  I don't want to sound dramatic, OP, but if you are really thinking that the child is going to pay back $60K in loans, then make that clear to her (i.e. you won't be taking responsibility for them later), and realize she is going to be starting her adult life (after college) in a huge disadvantage for buying a house and saving for retirement, and starting a family, etc.   Debt is very limiting.

(Been there, done that.  The kids who left grad school without any debt could immediately start saving for a house.  I, on the other hand, lived in a sketchy apartment  where the daylaborers were picked up by honking horn at 5:30 a.m.!)[/quote]

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