<p>Nothing in between? Free or $80K in debt? Quite an extreme.</p>
<p>First of all, if you are a typical high school student, graduating and planning on going to college this fall, you are not going to be able to take out all of those loans yourself, unless the college itself is offering them to you personally. Your parents are going to have to cosign at best, and it probably would be better if they just take out the loans themselves since they’ll be just as much on the hook if they cosign, in terms of them being on their credit report and being responsible for them. At least that way, only they, not you too, will be stuck with the loans until they are paid. Why put both of you on the line that way? The terms are usually more flexible with PLUS, as well. If you want to have a separate contract promising to pay them back, go right on ahead.</p>
<p>So it really comes down as to whether or not your parents are in the financial position to take on this sort of debt and if they are willing to do so, not you. Your parents are instrumental in the college decision, just as they are for high school choices, as they are the ones who have to pay for the choice. </p>
<p>I don’t think most young college grads can make reasonable dents in loans of that amount by themselves. They end up deferring them so they get even more bloated and cumbersome, (I mean the loans here), and they can be a real thorn in the side, monkey on the back, you name the cliche. </p>
<p>My kids are having a hard time making ends meet even with zero loans and steady employment after college. They also live near enough to us (parents) that we can help out here and there and they are in an area with plenty of job opportunities. It’s still tough. I don’ t know how a kid who owes $80K+ can even take a job opportunity that is nice but not really lucrative and strike out on his own. My friends’ DD is working part time as a coffee house waitress and her parents have been hit up for their co signing her $90K in loans. She has to live with her parents, a bitter pill after 4 years of independence, and getting anything, like a car, her own place is out of the question. She is a philosophy major, but that is not so much the point, as only certain career specific majors lead to high paying jobs for kids right out of college. Really, in her case a year or so at community college, taking some job training certificate route would probably the best thing to do to become employable, but no way can she or her parents borrow any more money and they are bled out by the loan repayments as well. You can see what can happen when you take out too many loans and don’t have a good chance of a high paying job. It all comes back to the parents.</p>
<p>I don’t think loans are always a bad thing. If your parents are willing and able, loans can be a great aid/tool for getting you what you want in terms of college, and what they want for you. But if you are endangering their financial footing in pushing them to do this, shame on you. It’s hard enough to get through with one’s finances in decent shape. And we parents so want to give you kids everything. Many times we can do so, until it comes to the big ticket of college costs. A lot of times, with kids from families who are doing all right, and kids who are doing well too, it’s not hard to give you what you want. Then comes the $60K a year college cost,and how to meet that cost. A whole other story, financially.</p>
<p>It is doubtful that you will get more money next year. Most schools give their best package to freshmen and they try to keep the packages for the four years for those kids. Once they have you, there’s no more courting necessary. Is this school a PROFILE school, and do they guarantee to meet need? As for merit money, I don’t see much for upperclassmen. So what you get as a freshman is usually your best offer.</p>