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I’m sorry to hear that – I assumed that when you said the college budget was $150K that the bulk was coming either from your parents’ direct contribution or money already saved up for college. </p>
<p>I agree that $50K of debt is unreasonably high for undergrad. </p>
<p>I always felt that my kids should have “skin in the game” and take loans no matter where they went, but I also felt that the maximum available in subsidized loans was the upper limit. A subsidized loan is interest-free with no payments as long as the student is in school – so to me that is very reasonable - the student doesn’t have to pay until she has the earning capacity to do so. </p>
<p>I really wish that parents would be more clear at the outset about what their expectations are. I understand there is a little bit of wiggle room, but it’s better if kids are pleasantly surprised in the spring when a parent offers to pitch in a little more – than the other way around. </p>
<p>I also wish that parents would have the bottom line financial talk as soon at the financial aid award is available – certainly I did that with my kids. My son was happy to have me open the envelopes that came from the schools – that was in the day before colleges were sending notices by email – and more than once I greeted my son by telling him that there was “good news and bad news” — the “bad” of course being that we couldn’t afford the school that accepted him. </p>