Is there a way to lower college costs for every student, no matter what their parental income is? Parents aren’t attending college and most don’t want to drain their savings when kids can attend community or state schools, which leave these students with an acceptance to college of their choice in hand but no means to pay for it.
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If there is no way to bring cost down, is it possible to start more PSLF like programs?
Is this a rhetorical question? I guess I wonder…why do you want to know?
This is sort of like asking if all cars should be affordable for everyone…or all houses. The answer is…no.
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It sounds like you are saying attending community college or in-state schools isn’t appealing?
Besides attending lower cost schools (can be CCs, in-state, fully online), relatively strong students can and do qualify for merit aid at many schools. It can be difficult to predict merit awards, which can lead to more applications, but things can work out this way.
IME, it’s most difficult for limited-income students with relatively weak academic qualifications to find affordable options beyond community college (and I know CCs can be expensive in some states like NJ). BUT community college can be an excellent starting point (and finishing point) for many students.
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And there are some states that offer free community college to many students. CT is one of those.
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Most coveted schools often are very expensive and don’t do merit scholarships, no matter how outstanding and hardworking a student is.
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Work-Study programs? We are in desperate need of people entering the trades. College is not the only path to success.
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There is absolutely no reason most students need to attend a ‘most coveted’ school to get an excellent education and ultimately be successful/build a good life. If attending a ‘most coveted’ school is one’s goal, they are off-track.
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But there are ways to get mortgages and loans and leases for homes and cars and everything else, why not for college. We all know that attending an ivy vs a community college is a very tough decision for a student who worked hard to earn those acceptances.
It’s only a tough decision if the student is led to believe an Ivy or equivalent is the only means to success. Working hard should be an intrinsic thing students do. Not expecting a reward because they do what they are supposed to be doing.
There are many paths to success. Many.
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But the cost of college has definitely increased at a much higher rate than other things, public universities were supposed to be a way to make college affordable to everyone. They are no longer an affordable option for many. I slum it on the public college Facebook pages (tongue in cheek), and so many parents are taking loans day one. Tuition alone is $15,000 a year if one can commute Not every higher income family can afford $120,000+ for each child and still have realistic retirement savings. It’s just so expensive these days.
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There is a lot of choice between CC and an Ivy. 
Money is not the only thing prohibiting a student - even a stellar one - from attending a coveted/IVY school!
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There are loans parents and students can take out for college as well. It’s just not necessarily advisable for an undergraduate degree.
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If we go by that logic then financial aid at elite colleges is totally unnecessary. Those students too can be rerouted to community colleges or wherever they can get merit money.
Parents. Not students. I’m talking from student’s perspective.
If they’ve acceptance but no aid, money is the only thing between them and ivy.
Parents can take out parent plus loans for up to the full COA. No income test, easier to get than a mortgage. Of course the interest rate is much higher than a mortgage (generally, for people with decent credit). BUT for most students the ROI of attending an Ivy is not there as compared to another four year college that might be affordable.
Or if parents were not clear about what they can afford. Too many parents say “apply wherever you like, we’ll figure out the finances later”… often leading to severe disappointment.
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Students are eligible for federal loans. That just isn’t enough to cover an elite private. IMO, nor should it be as that is a choice, not a need.
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Why can’t colleges with multi billion endowments and federal grant eligibility can lower their cost of attendance for all students? How many students have their own means to pay for college? May be colleges can ask them to work for their college for fee years.
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