<p>*The 30k in federal loans will be paided off Family A and myself. Family A will pay the majority of it.</p>
<p>The 40k in other loans will be a cosign between Family B and myself. Family B is in a much tougher money situation than Family A, and has made it clear that while they might be able to contribute a little month to month, the majority of the loan payment will come from me.*</p>
<p>Ok, this sounds nutty (to me).</p>
<p>Family A should take out $10k Parent Plus loans since they can pay and will pay those back.</p>
<p>Family B and the student should be responsible for the Stafford loans.</p>
<p>Otherwise the student is at too much risk.</p>
<p>At least that’s how I see it. </p>
<p>:)</p>
<p>(I don’t like the way that Family A is trying to manipulate Family B. And by doing so, they may end sticking the child with the private loans.)</p>
<p>My parents told me that their total student loan debt, for both of them together, was equal to about my dad’s first year salary. But it is 18 years later, and because of interest, they now owe more than double. They actually currently owe a little less than what my dad earns a year. That is bad. My dad is an engineer, so he makes decent money. I guess interest rates used to be over 8%. But I have read that they are expected to go that high again. </p>
<p>I am shooting for no student loans. But, my parents told me not to take out more than $20,000 as an absolute max, but try for at least less than half that. I will graduate with about a year and a half of AP exam credits. If I did not have that, IF I were forced to take out big student loans, I would likely go to community college over big loans.</p>
<p>It sounds like you are picking between two great schools, one is just more expensive. Go with the less expensive school. I find it odd that your parents want you to co-sign a $10,000 loan, while claiming they will help you pay back loans after you graduate. That conflicts. Which is it? You need to co-sign a loan with them? Or they will help you pay back your loans? See what I am saying? Go with the less expensive school. Do not take out any unsubsidized loans.</p>