<p>Your parents may not understand the student loan system.</p>
<p>There’s a reason why federal student loans have limits. </p>
<p>frosh $5500
soph $6500
jr $7500
sr $7500</p>
<p>Total about $27k…that’s a far cry from what you’re talking about. And, do you know why it’s a far cry? Because the federal gov’t knows that newish grads cannot pay back amounts much larger than that. </p>
<p>Your parents also don’t seem to know that if you borrow MORE than that, then THEY have to co-sign (and qualify to co-sign). It’s unlikely that with their income that they would qualify to co-sign for that much money or that they would WANT to co-sign.</p>
<p>To pay back 120k in student loans, YOU would have to make payments of about $1350 per month. WHY don’t YOU ask YOUR parents if they have an extra $1350 per month (every month) after paying all THEIR bills. If they don’t, then there’s your answer. If they don’t have that much extra money, why would YOU???</p>