American here who just went through this process. I returned to finish my undergrad at one of the most expensive schools, in one of the most expensive cities.

American here who just went through this process. I returned to finish my undergrad at one of the most expensive schools, in one of the most expensive cities. I think as others said, many students aren’t doing the ROI calculations. For me, the government loans are 3.75% which is totally reasonable IMO. One could easily outpace this with an ETF fund. The private loans are more expensive at 6% and up but the lower end is still totally reasonable. The real issue is that people taking these loans lack the financial skills to pay them back. A friend who is out of school for 10 years has a near six figure loan debt that he refuses to pay down despite earning six figures. Learning to budget and live frugally is a required skill to escape the debt that many don’t have. I also know very few that have visited financial aid to get a second look at their scholarships / grants. I went every semester and walked out with something. A friend walked out with $14k extra in financial aid from one meeting. Those in the worst positions financially also get vastly more aid. I had some savings going in but still paid a fraction of the tuition sticker price. In all, the experience worked out well in my favor with a paid research position and other breaks along the way, but given any other situation I would recommend going the state school route which is often a tenth of the cost.