Sallie Mae loans used to be given to undergrads without parent cosigners for full cost of attendance. I think that policy helped drive up costs 10+ years ago…and along with EZ Parent Plus loans…started this tuition train. It also fed the frenzy that one’s instate schools weren’t desirable and with a signature one could spend 4 years in any state they wanted. It also fed the insane idea that it’s ok to borrow $100k+ for any major or any career goal, even ones where employment was scarce or salaries were known to be low.
Of course, disaster struck, and those new grads burdened with $100k+ loans couldn’t pay them back. (Gee, they couldn’t have figured that out ahead of time???) Now, a cosigner is needed for the larger loans. Smaller loans can sometimes still be had w/o a cosigner but at a higher rate.
It was just a generation ago, when most lower/middle class families just assumed that their child would go to a local state school or maybe an affordable private with some aid. Of course, at that time, one year at a private school was not the same as a high end luxury car purchase.