Read an article in this weekend's Star Trib about growing resentment for "full boat" financial aid packages for poor kids versus others who have to struggle to pay the tab.
After reading it, a thought struck me that clarified why I have a problem with this concept. My middle class kids are totally priced out of the "U", and as I've noted before, our expected family contribution was over 1/2 of my net income annually. The families of poor students (and the students themselves) were expected, under the Founder's grant program, to contribute nothing. Zilch. Nada. That program has been recently scaled back, it should be noted.
Here's my issue. My kids maxed out student loans, roughly $7500 per year worth. Those loans are, essentially, borrowing against future earnings that one assumes they will make as a result of getting that college degree. So why aren't poor kids required to max out loans too before they get other aid? Presumably they too can expect to get good jobs, or at least as good a job as my kids would. Perhaps even a better chance, if applying to a major corporation eager to diversify its ranks with minority kids equipped with college degrees who go to the head of the line. So why wouldn't they also be expected to borrow against those future earnings they can anticipate from earning a degree, the same as mine are expected to? No credit rating is required. They're all on a level playing field from that standpoint.