Some parents do not want to get their kids' hearts broken. High school seniors and juniors who are looking at colleges and universities to enroll in often overlook the financial part and focus on the course itself.
While it is easy to grab a loan, the burden often falls on the student after graduation to pay it all back. High school seniors are now preparing for college and for those who already graduated with loans as baggage, paying off those loans is now their life after college.
One of the biggest mistakes committed when choosing and applying for colleges is getting the applicants' heart set on one school. While this is not always a bad thing, it may be heartbreaking if this is done before considering financial aid options. According to a publication by the Washington Post, parents and high school seniors looking at college admissions are also looking at applying for financial aid.
A few years ago, New York University offered financial aid to students who cannot afford the tuition. NYU is considerably one of the most expensive schools in the United States. NYU called applicants who looked like they were a good fit academically to the institution but cannot afford it. The students who were called back were accepted after they received financial aid offers. A few years later, NYU stopped the process.
The callbacks did not affect the students' decision to enroll at NYU. After all, NYU is one of the high ranking colleges in the country. However, students' parents allow their children to enroll because of the fear of disappointment. According to the publication, instead of talking to their children and advising them to choose a less expensive school, they allow their kids to enroll but advice them to take out huge loans. Sometimes, the parents would even go out of their way to take out loans by themselves.
While chasing dreams are important, finding the best financial fit is also important. The reality is, student loans need to be paid and often times this is realized too late.
