There are likely several categories of people who find themselves in this predicament. Some are likely people who went for professional degrees in their 30s and 40s who did not get the income boost they expected from the degree
After going through the process we as a family have decided for undergrad that the normal $27K is tops for loans with the caveat of going up to $40-70K for certain schools with certain majors. That would be the advice I would give to anyone.
And it’s not always the directional state u vs Harvard.
It’s Tulane and other relative powerhouses etc with significant merit vs duke or Cornell. Etc.
While we're on the "please be careful with your advice" kick- the "oh for sure your kid can get attractive merit" crowd needs to also be a bit more circumspect.
Are there any good stats on how much of the American student loan burden comes from students who attended elite private colleges vs how much is from students who went to public state schools?