My "middle-class" answer to the credit crunch in student loans? Send your child to the school that makes the most financial sense. Despite saving for college, we were faced with the daunting $40,000 a year for a private university (and the generous offer of an $1,800 a year FAFSA loan) or sending our son to a terrific public university for less than $17,000 per year (no loan necessary due to savings). I don't think going to an expensive "elite" university is worth the financial burden of years and years of paying off student loans and making the CEOs richer--or spending all your retirement savings. It is not where you go to school, it is what you make of the experience.
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