Reply to Would you support the following policy on student loans?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]No bank would approve a regular loan of any amount to a student and the US govt. should not approve them.  [/quote]

This exactly.

My 18 yo can't get approved for a loan to buy a new car on his own but can get instantly approved for $40k for a year of school? It shouldn't be that way.

I distinctly remember my college advisor at my fancy private prep school (where I was on full scholarship) telling me that I didn't need to stress about my parents not being able to afford a $30k/year for college because I could get a student loan, nbd. Even when I voiced concern because I knew my parent's credit was so bad that they didn't even have a credit card, she assured me that it didn't matter when it came to student loans and besides, the money I'd make after graduation with my fancy school degree would be more than enough to pay them off in 10 years tops.

I've paid off the amount I borrowed and still owe about $20k because of interest.  [/quote]

Your 18 year old can’t get approved for a $40,000 loan got school. The most they qualify for is $5500 from federal government. In order for them to get a lían for more, you’d have to co-sign.[/quote]

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