Another huge contributor to this problem is the high school “guidance” department’s “advice.”
I cannot count how many student/parent college “information” programs I attended with my 3 children or programs that parents and kids attended separately where the audience was explicitly told not to worry about the cost of the education. There was a concerted effort on part of high school guidance offices and college financial advisers to push students to attend schools without regard to cost; the local community college was acknowledged as the option for those who had no other options...Families were encouraged to find the perfect school and then deal with the financing. Have a reach school (pricey, selective) and a safety school (cheap, local) Really? Really! It is one of the most important financial investments a family will make and we were told we should not worry about the costs?!?! So it seems to me that there was an effort to push students towards the pricey schools to enhance the school’s reputation without regard to what a family was comfortable borrowing/spending.
So rooms full of students and parents did just that~they did not worry about the costs. The children got into expensive schools which made the high school look attractive in the evaluations. However, now students and parents are left with huge loans; tho I don’t know how parents and students can act as if they did not know there would be huge payments associated with the huge loans~it was all spelled out to both students and parents. How can anyone assume loan payments would be any different for a $200,000 mortgage than a $200,000 student loan?
BTW, our family did consider the price, and all 3 went or are paying in-state tuition or equivalent sums....no bargain, but much cheaper than the $50,000+/year charged for out-of-state and private schools.
You are exactly right. Sadly, many high schools are trying to enhance their reputations as 'high quality" schools. These schools are measured on such things as the percentage of grads who go on to 4-year colleges, or the numbers of AP students, etc.
Two questions parents should always ask at these "information" meetings: (1) How many of your graduates are required to take remedial English and/or math classes their freshman year? and (2) How many of your graduates are STILL at the same college for their subsequent years.
I almost guarantee the guidance counselors will not answer your questions. They know the answer, however. Sadly, even the best graduates from the best schools are ill-prepared in language and math skills. These students often incur a year's worth of remedial classes, at college costs ... thousands of dollars spent and loans taken out to learn material they should have learned in high school.