Why doesn’t jr take a semester or a year off and work while living at home to earn the tuition instead of having mom and dad take out loans?
This is a great idea. If young people get some job, even at minimum wage, and save the bulk of their money, because of living with mom and dad, they could have tens of thousands saved up in a few years. This involves some changes in social norms and exercising deferred gratification, but this sounds like a good concept.
I'm sure mom and dad won't mind supporting the kids until they've saved up enough to start college at 30.
When I was in college, I worked in the summer, lived at home and banked every penny. I don’t know how much of what I earned off-set my tuition, room and board and books but I know it was a good chunk. Of course, my parents had saved for my brothers’ and my college education, which is really the way to do it, plus working. I graduated from college in 77. I never took out a loan.