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Parents, Don’t Set Your Kids Up For Failure By Encouraging Too Much College Debt

11 September 2023

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Parents need to guide their children about smart choices regarding college debt.It’s no secret that college is expensive, and that excessive college debt is creating a lot of hardship for many people in the United States. During this college application season, parents and students are working out their college funding plans. For many families, loans will be part of the way they pay for college.

While college loans can make college possible, most students don’t have the experience to understand how those loans will impact their post-college lives. It’s up to parents to to explain, in clear language, how much they can afford to pay for college. Parents can also guide their child toward a college that fits their budget, understanding that the net price may be nowhere near the list price, and considering all merit and need-based aid for which the child may qualify.

The Big Loans Are Parent Loans

No undergraduate can take out bjillions of dollars in college debt without at least a co-sign from a parent. The typical college student has an undergraduate limit of $31,000 in federal loans. Independent students, or those with parents who do not qualify for parental loans, have an undergraduate maximum of $57,500 in federal loans.

When you hear about really big loans for undergraduate education, these loans are coming from parents taking out or co-signing private loans.

What Parents Need To Do

Parents have a lot of responsibility in the college search process. Things they need to do:

  • Talk to their kids about how much their family can/will contribute to college
  • Consider the cost of colleges when college shopping
  • Burst the idea of a “dream school” without regard to cost
  • Take the time to learn about the financial aid process before making college decisions
  • Refuse to let their kids take out tens of thousands of dollars in student loans each year, without regard to their ability to repay them

Parents, please do your jobs and guide your kids to smart decisions about paying for college. I understand that the costs is overwhelming, and it feels easier to  to throw up your hands and give in to excessive loans. Please don’t. You’ll be making your child’s life, and your life, much easier.

Kate
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4 Comments
Filed Under: Education

Comments

  1. Jean says

    31 August 2018 at 9:49 am

    Great Article!

    Reply
    • Mike Bellotte says

      31 August 2018 at 3:02 pm

      Amen.

      Reply
  2. Steveark says

    31 August 2018 at 5:31 pm

    We told our three we would pay whatever state U cost for 4 years and they could use that money anywhere. They all chose state U! And then they all got free rides through scholarships. Zero debt, degreed millennials. They got their advanced degrees on their own, by working for state U. Except the doc, but he’s going to be fine in his niche specialty.

    Reply
    • Kate Horrell says

      31 August 2018 at 7:59 pm

      Great job and congratulations to your kids!

      Reply

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WELCOME!

Hi! I'm Kate! Accredited Financial Counselor®, Navy spouse, and mom of four.

Here at the blog, I talk about the financial issues that affect military families - pay, allowances, and benefits. Plus college stuff, landlording, moving, taxes. We cover a little bit of everything.

My goal is to give you the tools to make the best decisions right now, so you'll be confidently prepared for whatever comes next - whether that's a PCS move, transition to civilian life, or retirement.

So grab a cup of coffee, tea, or whatever makes you happy, and let's get to know each other.

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