High student loans balances are ruining economic prosperity. The entire american college system looks to exploit students and take advantage of their naivety. Since students are typically 17 while taking out their loans, lower than a legal adult age, responsbility should fall on the parents not only the child.
Parents typically need to co-sign for higher balances on federal or private loans. Co-signing will effect their credit score, but I think further penalization should occur if their child graduates and cannot pay the loan. For example, a higher tax penalty on the parent that co-signs.
It is the responsibility of the family to help their child make smart choices. Parents should be preventing their child from taking out high loans. We should not be funding federal student loans programs, but finding ways to make the family accountable for the child’s choices