In fact, 57% of millennial graduates regret taking out as many loans as they did, and 36% even said that they would not have gone to college if they knew how much it was going to cost them, according to a survey by Citizens Bank.
Most State Schools cost a fairly reasonable amount. For instance Florida State tuition costs $6,507 for in-state. If the kid takes a "Malia Obama gap year" they will be all set to establish residency and and pay quite a bit less than that insane out of state cost.
It might be possible to pay off that loan in a few years rather than 20+ years if the kid went to some small and private college. I'll pick Beloit out of a hat whose tuition is $42,500. You can go to Florida State for 6 years or Auburn for 4 for that exact same amount of money. I'm sure the education is very good at Beloit but is it really good enough to go into debt for decades more to pay it all off?
The state school also allows you to have one of the most fun things about college which is have a rooting interest for the rest of your life. I love seeing those old-timers with their Michigan shirts or someone shouting "War Eagle" at you from a moving car. That shared experience of going to somewhere with a good football or basketball team is very hard to beat.