Today's Wall Street Journal ran another bleak piece about student loans spiraling out of control.  I've seen the same article for years, only the numbers change (they increase, obviously).

This morning's dispatch covered PLUS loans, which allow parents to borrow the entire cost of attendance at a given college, with very "light" underwriting, to say the least.

I won't lie, the stats are pretty depressing:  1.6 Bill in debt outstanding, and growing.

Defaults, credit issues and no relief in sight from Congress, apparently.  

And, sadly. zero incentives for colleges to cut their own costs, because they're getting paid from loan proceeds that gush into their coffers from eager parents, early and often.

But the WSJ leaves out an angle that's important to discuss:  borrowers' decisions to take on all this debt.

The piece mentioned one guy who graduated Georgetown Law, he owes $318,000 and works in a homeless shelter. I'm pretty sure he's not making...

I've gotten a fair amount of "what do we do now?" types of questions from clients, so I figured you might want to know how I answer them.

Meaning, kids have worked their tushes off all summer and fall on applications, essays and so forth, and finished up a few weeks or months ago.  

It feels like they should be doing SOMETHING!  

But the truth is, they're done.

Now it's time to wait, until "mid-December" or "late December" (gee, thanks for the certainty, admissions peeps).

is there anything to do other than sit around with your thumb up your you-know-what?

Of course.  Here are a few tips, off the top of the ol' noggin:

• Continue to get great grades.  (Yes, that may seem like a Captain Obvious statement, but the first half of senior year of high school is tough, Senioritis can happen after acceptances come in. Not now. But ONLY mild, Omicron-esque cases are permitted!
• Send in them grades!  Assuming you did well in the first quarter, have your guidance...

Nobody likes to be told "Um, no. Not you." but this is the time of year for Early Denial.

Countless college applicants will be told that they didn't get into the college they "ED'd" to.

Fun?  Nope.

Does it matter?  Highly doubtful.

Typically, this time of year you'll see articles about famous, successful people who didn't get into their top choice colleges (Tina Fey, Warren Buffet, Antonin Scalia - how's that for an eclectic threesome?). The point of these articles is that the world didn't end for these rejectees, and neither should it end for this year's batch of college applicants.

I wrote about this briefly in my "snail mail" client newsletter, and make these comments annually because I think they're worth repeating.  I tell all of my private 1:1 college advising students words the effect of

"You will be successful in life no matter where you go to college, because of your work ethic, intelligence and interpersonal skills.  There is no correlation between where you...

College consultant Andy Lockwood addresses the ins and outs of super scoring on the SAT and ACT.

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I don't think it's me (I never do) but this year has been CRAZIER than ever.

I'm not only referring to the kids we coach through the college application process: parents have gone bonkers too!

On the kid-side, we had in inordinate number of seniors making last minute, final revisions to their essays yesterday for November 1 deadlines...

Re:  parents, I cannot begin to tell you how many "helped" their children by stepping in, pushing them aside and completely taking over the essay-writing process.  I see it every year, but I've never seen it this bad.

I'm not just griping.  There's an important point here, that's all-too-easy to get lost in the shuffle:  If you, parent, take over the college applications for your child, you are sending them an unsubtle message...

Not exactly a confidence builder, right?

Trust me, I know how busy our children are, and I understand the impulse to help. ...