Yes agreed @TexasMTDad $200000…yikes! I do not mean to disparage anyone who takes out a parent loan. These decisions are personal family ones & for some people the parent loan works out & taking out student loans works out and home equity and what not. We were just not on board w/ that with my husband wanting to switch jobs soon etc. Luckily it wasn’t necessary for us.
I have no huge problem w/ small student loans, federal ones with the lower interest etc either. I mean having some skin in the game is def a good thing in terms of teaching some responsibility on financial matters to a college student. Having said that, when I heard recently what a friend of mine’s kid took out in student loans last year to go to a school that was chosen because it was a well known school, I wanted to be sick. I mean really, the mantra of “you only need one school” is not accurate. I dislike when people say that on this forum. Because that only applies if you love said school , are willing to attend for MT AND can afford it. Ideally you would have at least two options or more that are workable. I know it doesn’t always work out and the acceptances don’t come & then you are stuck…but if it were me and there was only one option and it entailed a huge loan I would seriously consider a gap yr to regroup.
And I stick to my statement, however unpopular, that you should NOT go into huge debt to a large degree for MT. It will be too great a burden to bear for the student. Yes, I know before someone says it , that there are other degrees this applies to as well. its just in theatre you are of course going to be most likely working a side job that is not well paying to start out & an even $250 a month payment could be crippling.