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I guess I’m confused - I certainly understand parents not having full cash on hand and I understand not getting scholarships or that kind of aid, but can’t you as the parents or the students get loans for college, even if you make on paper, quite a bit of money? Or can you make too much to qualify for loans, either as yourself or the kid
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I thought you were a student when I read the above. Who can imagine a bank saying, “You make too much money to qualify for a loan.”
What you don’t seem to understand is that most parents can’t/ won’t borrow much or anything for college. Maybe because they have more than one child, maybe because they already have enough debt (mortgage/cars), maybe because they have poor credit, or maybe they want to be able to retire in the near future.
It sounds like you have more than one child. Are you willing to borrow $200k+ for each child? Are you willing to saddle your household with $4000 a month payments while you pay those off?
plus, some families may have the money “on paper,” but they don’t believe a $250k undergrad education is worth it for each child. There are a LOT of professions that don’t require a “fancy name” degree.
@beth’s mom and my kids went to the same undergrad …all 3 getting very large merit scholarships to attend. The remaining costs were quite low. They will all be quite successful even though their parents didn’t go into big debt or empty their savings accts.