My child received about $5,000 in combined Sub and Unsubbed Federal loans he can receive. However, there is still a large portion of the cost of Room and Board which are not covered. I recall back in the day when I went to college, I could just take out however much I needed to cover the cost.
Is this not the case anymore?
Federal loans are limited to $5,500 for the first year, then $6,500, and $7,500 for the last two years. The amount is different if the student is independent.
Whatever remaining amount on the bill you can take out a student loan but these often require a co-signer, or the parents can take out the parent plus loan.
Nope, you will need a parent plus (parents name) or private loans (students name with co-signer) if you need more.
Interesting.
Regarding the co-signer - this can just be done through Federal loans as well? How do we find out about these?
Co-signers are for private loans, you can google to find a comparison. They are all unsubsidized and interest starts day one. Interest rates vary.
No co-signers are needed for the federal loans, just private. You can check the different rates for your local banks if they offer student loans or just Google the big companies to see what they offer.
Here is some loan info:
Federal direct student loans: Federal Student Aid
Parent plus loans (federal): Federal Student Aid These have a relatively high interest rate (8.05%) and vig/fee (4.228%) These loans are on the parents, they are not co-signed.
You can consider private loans, and some people with good credit may be able to access loans at lower rates than the parent plus loans. It is uncommon that private loan providers would loan money directly to a student. Some will allow that with a co-signer. Regardless of whether the parent is the co-signer or primary loan signer, it will be the same impact on the parents’ credit rating and ability to secure future loans like a mortgage or car loan.
Generally it’s not advisable to take more than the $27K in total undergrad federal student loans.
Does your child have other college options that are more affordable?
You may have been able to borrow private loans for education back in the day, but federal loans were very limited. When I worked in financial aid in the 80’s, the annual limit was $2,625. This chart with historical annual federal loan limits is interesting: Historical Federal Student Loan Limits.
It’s not the case anymore. For a couple of reasons. Those federally funded loans won’t cover the costs to attend most undergrad schools anymore. And two…anything above the Direct Loan amount will either need to be cosigned by the OARENTS or taken out by them. Are you willing to do that?
No. These are private loans. Go visit your bank and see what they have.
The difference is that private loans can’tbe federally forgiven if you join specific service careers (or if you paid back all you borrowed and are only paying back interest), and if your child dies you still have to pay. 
Generally speaking, if you need parental loans, it means the school is not affordable.
Do you or does your child have a college you can afford without parental loans?
Ps: I don’t think there was a time when students could just borrow whatever, but rather costs were much lower so grants&loans went further.
For instance, when Pell grants were created, they covered tuition (which could be free or $500 in today’s dollars) +Room&board at an instate public.
There are private loans that forgive the loan in case of death or severe disability, ours does. We also use a company that offers co-sign release after 12 months of repayment.