^^^
Very true. And people sometimes do think…”well, the Jones are borrowing and our income is similar so borrowing is ok”…but as Blossom mentions, the details may be very different…and the other family may know that there’s a large inheritance around the corner or some other windfall or some other means to bring in more money to cover the debt.
[QUOTE=""]
Some parents may think of taking on loans as cleaning up the mistake rather as compounding it, though.)
[/QUOTE]
^^^. This
Many have believed the spiels that colleges give out millions and assume that they too will get a huge amount. That’s why many tell their kids, “apply where you want and when the offers come in the spring, we’ll look at them all and decide.” Then spring comes and none of the offers are good …so loans are the magic wand, in their minds, to clean up the mess and save the embarrassment.