Of course, there's also that sinister factor that sometimes gets overlooked amid all the excitement and rush of a coveted college acceptance: student loan debt. To give you an example of what I mean about loan debt reality vs. acceptance excitement, here a response to a client of mine who was thrilled by her acceptance to Boston University and New York University. She said that her parents informed her that any loan debt would be entirely her responsibility, so she agreed to accept that requirement. Here's what I told her:
I can offer you a few thoughts on BU's financial aid package. Since you will be responsible for all of your loans, that is, to pay them all back, you should really take a hard look at the loan situation from BU.