<p>I'm starting to rethink my college decision. The college I chose actually gave me the best FA, but I owe about 15,500 a year . My parents said they were fine with it, they could take out loans, but it makes me feel terrible. Even though we talked about and I stressed over it for basically the entire month of April, I still feel bad, especially now that we finally got the fall bill.</p>
<p>In the end, my loan amount would be around 62k. I feel like I don't deserve anything like this AT ALL, and I was thinking of just not going to college for a while, or just going to the local CC for 2 years, and then transferring to a local university. It's not at all what I want, and I would be really sad about it, but I don't want to burden my family.</p>
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All my kids have been doing that.</p>
<p>My kid did the CC-State U route, and couldn’t be happier. She will graduate with only $15,000 in student loans (the total possible for the junior and senior year), most of which will be subsidized. We won’t have one cent of debt for her education. </p>
<p>You can’t borrow $62,000 on your own so some of that debt will have to be your parents (as PLUS loans) your joint debt with them as co-signers. If your parents choose to borrow PLUS loans in order to spread the cost of your education over more than just four years, that can be a reasonable decision to make if their income(s) will make paying the debt off relatively painless. If they will need to struggle, it might not be such a good idea. In any case, PLUS loans are better than co-signed loans. PLUS loans are forgiven if the student dies or becomes seriously disabled, or if the parent dies or becomes seriously disabled. Co-signed loans are with both of the co-signers until paid off or both are dead. If you and your parents go that route, make sure that both you and your co-signer take out life insurance on the other for the amount of the loan in case anything goes horribly wrong.</p>