My daughter comes from a six-figure home and we have taken out almost $50k worth of loans so far. She is a junior. I deeply resent the fact that she doesn’t qualify for scholarships (we make too much money). Wish they would determine “need” based on savings and chance for academic success and not race (though she is bi-racial) or earnings.
Sorry, just kidding. We're still paying off our daughter's student loan debt, we'll be done in a couple of years, just in time for my son to start college.
At the rate he's going, he'll be at a community college his first two years. I told him there's no way I'm paying $20+ grand a year without proving to me he can do the work, and do it well.
He also knows the opportunity is there, as we now have the assets to fully fund at least 3 years of college. It's up to him.
Maybe students should be able to deduct payments made against loan principle.
When I am told my full fare payment of college tuition is actually high so some of it can be given to other low income students, why am I not given credit for a charitable deduction? That is truly what it is.
Similar situation here when my daughter went out of state to Penn State. Expensive and she qualified/got very little in scholarships. She got jammed into dorm with 7 other students, 4 who had a virtual free ride with all the scholarships and grants. All 4 were out within a year for various infractions mostly related to drunkenness and grades. I had to threaten the school housing to get my daughter out of that dorm environment and into a regular dorm room. She graduated 2nd in her STEM group (meteorology). I paid it off as quick as I could.