<p>Colleges expect parents to have started saving for colleges since birth. Honestly if your loans are 17,500/year , that is much less than paying full price which a lot of parents are doing. And mind you, these parents are not rolling in money either. Most have taken out home equity loans, private loans, 2nd mortgages etc.</p>
<p>Also if you are intending to major in a degree with great career prospects, then in my opinion, the investment may be worth it. But to be honest, for someone who wants to just get a basic undergrad with a potential graduate (pre-med,law etc), then the money can be saved for now by choosing a cheaper alternative. Yes, the “generous” award only applies to low income families. Make your decision after weighing all options in April.</p>