Not necessarily.
This is really starting to sound more like a case of “keeping up with the Jones” than anything else and I’m a bit surprised your friend shared such details about their financial situation with you.
Most full pay kids that can get into these very expensive schools can get substantial merit money at other schools and I’m sorry but the line “but my little snowflake doesn’t want to go to any of those schools” doesn’t cut it with me. If parents’ want to give up their current life style, burn through their retirement savings and have their kid start off life with massive student loan debit, more power to them! It’s their choice, just don’t make that decision and then complain about it! If you friend is in TX they likely turned down UT Austin which is very affordable for in state even at full pay, not to mention schools like UT Dallas where they could have gotten full tuition plus (full ride for NM).
My advice too your friend is it to get tuition insurance and if the parents have cosigned any loans make sure the kid has life insurance.
Oh, and we cut out cable TV and switched to digital streaming and are saving $100 a month maybe they could do that too to give their kid more pocket change?
This is not about parents, it’s about a 19 year old who is trying his best at academics, work etc and succeeding. All the hatred and toxic vitriol towards affluent parents is of no help to him.
I think there is a lot of human nature going on in this thread (and the multiple of other threads with the same subject here). But it has nothing to do with finding ideas or solutions to problems.
Apologies, but who brought up the idea poor kids get all their bills paid by “the system” and this kid can’t “go on a trip with friends or buy nice clothing?” Is that what you think poor kids do?
“He goes out with friends, just can’t spend his income like his friends with financial aid can.” What are you talking about? Doesn’t that sound toxic about poor kids?
The idea so many adults here have is: if you rationally assess and can’t afford more than 56k, don’t rush headlong into an 81k college.
Sorry, but IMO, when wealthy parents willingly put their kid in this position, 90+k debt, it IS about them. They apparently let it happen to their 18 year old.
MODERATOR’S NOTE:
The other thing that is not helpful to him - talking about him behind his back. Despite a request on the thread, OP has not identified who “he” is; Therefore, I’m assuming it’s not the OP’s kid. “He” would probably be mortified that his parent is having this discussion, but would likely be less happy if a stranger is talking about him.
Regardless, I’m not sure what is left to say, so I’m closing the thread.