What would be a typical scenario for paying for child's education if parents shoulder the costs

One option is to figure out what you can pay out of college savings and current income, add the ~$5500/year federal student loan and maybe $3k if she works summers and that’s her budget. You should give her that number and let her know anything over that has to come off the list unless she’s given enough merit to cover the gap.

The other option is for you to cosign loans, but I wouldn’t recommend it.