Reply to What regrets to you have to the 2023 college cycle?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I should never have given in and let my child apply to a school that was beyond our financial means. Four of the school they applied to were within reach and one is close to $20K more a year. I honestly didn't think they'd get into the expensive one based on Naviance, and so I gave in. Well, they got in to all five and of course it's the crazy expensive one that my child has become totally fixated on.[b] They are willing to borrow a fortune to go and nothing I say about not starting life in so much debt is sinking in.[/b] But I think that if I had put my foot down during the application process they would have looked elsewhere.[/quote]

How will your kid be borrowing a fortune?  Kids are only able to borrow around 5k a year. After that, it’s the parents borrowing. [/quote]

+1. The FAFSA limit is $5500. Kids can’t take out loans because they have no collateral. It’s parents who must take out loans, refinance etc for undergrad[/quote]

Wait- for real?[/quote]

Federal student loan maximum = 5500 in year 1, 6500 year 2, 7500 year 3 and beyond. Maximum allowed = $31k
https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized

There are private student loans that may be in the student's name but they need to be co-signed by a parent so it's still really the parent's loan.[/quote]

How do people end up with so much debt then? Sorry if this is a stupid question. [/quote]

It’s not a stupid question. The first thing any good college counselor should ask is how much can the family afford -and don't look at anything the family cant cant afford.  Even out public high school counselor did that. It’s true that undergrad is almost entirely on the parents. We chose to refinance when things got tough sending two the college at once. Parents have to make it work out of 529s, savings, grandparent donations, etc. I started saving the moment each child was born but it wasn’t enough. Both took out the maximum FAFSA (the $5500 everyone is talking about here) which you can take out once you file the FAFSA. Neither of our children got any merit or financial assistance. Both went in-state. The hubbub about student debt is actually about grad school. That’s where a student can get $150+ in debt for law, dental or medical school.  Fwiw the media didn’t make this clear when Biden was trying to get student loan cancellation through. Those that understand the system always knew that the crisis is for grad students and that he never, as President, had the authority to make it happen but it sounded good as a campaign promise -and that’s what it always was.  Fwiw my niece had to take out $$ private loans from her own father to get through a slac she desperately wanted. She makes next to nothing and will never be able to pay it back which has caused resentment on the family.  Think about it -what collateral does your 17/18 year old have? Why would a bank or school give them a loan?[/quote]

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