<p>^^^</p>
<p>Yes…with your spouse, determine how much you’ll contribute each year and tell your child. Many parents refuse to borrow, or let their kids borrow more than Stafford loans and that’s fine. If that would be your rule, let your child know ASAP.</p>
<p>When kids know what the limits are, and they know that they will have to come up with the rest thru summer job money, fed student loans, need-based grants, and merit scholarships, they know what the limits are.</p>
<p>Be sure that your child understands that most schools don’t meet need and most schools will ALREADY include full student loans in their FA pkgs so those aren’t available to also cover “family contribution” or gaps.</p>