Do schools consider a family's student debt when calculating financial aid?

[ucbalumnus]

@stachlj958

A lot of people have mentioned how I should keep in mind my parents’ debt, which is fair. However, that debt belongs entirely to my mother. My stepfather went to an OOS public school (albeit almost 30 years ago) and payed off his debt in 2 years. My mother, however, had upper-middle-class parents who ensured she got no need-based aid but also didn’t help her pay (again, it’s ugly). Moreover, she has 3 degrees and, frankly, didn’t do the best job ensuring that they provided ROI- only the last one will actually lead to a job.

My financial situation is more akin to my stepfather’s than my mother’s, so I don’t see why I wouldn’t pay off all my student debt in 2 years time. Yes, $130k is a lot- it’s money I could be investing in property in my early 20s- but it’s not exactly akin to my mother’s $100k in debt.

30 years ago, college was a lot less expensive. So even if he had to borrow the full amount of an out-of-state public school back then, his debt may not have been anywhere close to the inflation-adjusted equivalent of $130k.

Also, even if you earn $100k in a job at graduation (probably around $70-75k after payroll and income taxes) and continue to live on student-level expenses ($20-25k per year living expenses for a year), putting all of the $50k left over to debt service will not pay off $130k in two years.