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but why aren’t their parents price sensitive

They are a little price sensitive but probably not fully rational, everybody has rose-tinted glasses about their kids’ potential, right?

Their parents aren't making the decision.

They can borrow the money all by themselves.

i am curious how much borrowing against parents wishes actually occurs

Undergraduate dependents of parents can only borrow $31,000 across their entire tenure. First year cap is $5,500.

Independent student loan limit is $57,500 total. First year cap $9,500.

That's only loans directly from the feds.

Most people borrow money from private lenders as well.