That’s a great calculator to figure out affordability- though also assumes you know what you’ll be earning when you graduate!
I don’t know what the normal terms of a student loan are but as an example, 15 years to repay a $150k loan at 12% works out at around $21k a year, so by the end of it you’ve paid more than double the original loan amount. Many people just don’t realize how compound interest works against them in loan repayment. A shorter term means you don’t end up paying as much interest in total but you’re paying more each year, say 10 years is around $25k a year. And those are assuming repayments start immediately- if they don’t, the interest just builds until you do and those numbers get even bigger. These numbers seem big for a family that can only pay around $40k a year for college, and they seem big compared to what most new graduates will have left after tax, rent, food and other non-discretionary expenses.