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]

Parent loans and graduate school loans.  [/quote]

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