If you are borrowing $15,000 in addition to the Direct Loans, your kid would have $87,000 or so in loans for in undergrad and that doesn’t include interest. In my opinion, that is too much to borrow for undergrad school. But each family has to make their own decision about debt.
With $90,000 or so in loans, your kid will have $1000 or more in monthly payments for 10 years. Think of it this way…if YOU can’t pay that now, why would you think your college grad will be able to? And think of what that means they won’t be able to do.
Having that debt would be about $12000 a year in loan payments. Some folks buy small condos and have less than that in mortgage payments.
To answer your question…you can take a Parent Plus Loan in your Parent name to meet the cost of attendance. If you own a home, you might be able to do a home equity line. You can look for private student loans for YOU to co-sign (the kid will need a co-signer). Are you sure you will be a qualified co-signer for all four years…or will your debt become so much that you won’t be eligible for those private loans in subsequent years.
Yes, you can borrow from grandparents, but that’s risky for all four years unless you can convince them to put the total amount you need for all four years into something like a 529 account dedicated to your kid. Otherwise…what happens if they need the money for health or any other reason, or if they die?
Remember also, work study money is not paid up front. The student needs to find a job and earn that money. So for the fall term at least, plan to have that amount available some other way because the bill will come long before the student has earned any money.