A lot of it isn’t what people are smart enough to do, lots of people get tricked into loans they can’t pay back.

When our kid went to college, 3 separate schools wanted us taking out loans of $56,000 a year… $224,000 for a 4 year degree…

We told them “Yeah, no…” and enrolled him at a state school for $10K a year, where he had a $5k per year scholarship. I paid the remaining $5K cash.

But I could see other parents, after getting 3 schools telling them the same oddly specific number “Well, I guess that’s what school costs!”