[sokoloff]

Re-apply every year?

What reasonable assurance do I have that my kid won't get denied for his senior year, thus being $100K+ in debt and without a degree? (which is probably worse than the current federally subsidized system)

What assurance do I have that the terms won't get dramatically worse by a private lender for the junior and senior year and for this to be driven by "Now I've got you by the shorties" rather than by "basket weaving is not a lucrative career"?

What effect does that have on smart students of middle-income families who don't have the resources to pay for college without loans, yet make too much to get sufficient need-based grant money?