This is an unfortunate outcome. Did you run the net price calculator before choosing Cornell for ED? Was there a discrepancy between your NPC EFC and your actual EFC?
I think it’s important to remember that the responsibility for this loan is on the parents’ shoulders not the son’s. The son may have the best of intentions to repay his parents, but technically and legally the loans will be in the parents’ name. You need to think long and hard about how YOU feel about absorbing so much debt, regardless of your son’s ability to repay you.
Even with a BArch from a prestigious school like Cornell, most architects at top firms will eventually get an MArch. Funding for the MArch is very difficult to come by, which means even more debt. Having a major debt burden will also limit his options for summer internships and super low paying jobs at super high profile firms which are a sorry fact of life in architecture.
As for job climate, the recent experience of my son (MArch Cornell) and his classmates, both MArch and BArch, is that the job market is fairly good right now, all over the country. Firms are hiring and jobs are stable. Five years ago, this wasn’t the case, so the situation is clearly cyclical.
Mid-$50’s is on the high side for an entry level architect with a BArch. Salaries begin to climb once the licensing process is complete, which takes 3-4 years, if an MArch is layered on or if he moves into a management position at the firm. The cold, hard truth, however, is that except for the superstars, architects have no where near the earning potential of other professionals with similar pricy educations. They can make a comfortable living, yes, but it’s not a get rich quick scheme by any means.
Does your son have any other early acceptances? You’re in a tricky position as you’ll have to either accept or decline Cornell’s offer before he receives his full acceptances. What other schools has he applied to? Hopefully there are some State schools and co-ops among them. My worry would be at privates that your EFC will be more or less the same.
My advice to your son would be to choose the best BArch program with the lowest cost, do well, take advantage of internship and networking opportunities and then target the most prestigious school for his MArch. He may have to bit the bullet and absorb considerable debt for the MArch, but at least he won’t be saddled with undergraduate debt as well.