I don't think it's actually possible to get $45k in federal loans. The max is about an order of magnitude less than that, depending a little on personal circumstances.
So I guess there are two classes of student loans then (regarding interest)? When I went to school there were "Parent Plus" loans (the part in my parents' name) and I don't remember what they called the ones in my name. Both were unsubsidized - i.e. interest accumulation starts on day 1, although accumulated interest is not added to the principal until repayment starts following leaving school (graduation, a break, quit, etc.) for >6 months.
I really don't recall how much I borrowed versus the interest accumulation, but when I refinanced it a year after graduation I borrowed nearly $120k to do it. The early loans (from 2011) were 8% and I think the interest dropped to ~5% for the ones my senior year. I didn't have the money to pay for it directly and neither did my parents considering they had to put 3 kids through school and we lived near the bay area in CA.
Admittedly, I'm a bad example for loan burden because I went into tech and was able to pay them off in 5 years while living comfortably, but the take away is that unless you go into one of the wealthiest professions in the US, the cost is ridiculously high. Sadly, there are plenty of professions important to society which require a ton of education but just aren't that lucrative financially. We're putting pressure on people not to enter those fields.
The other thing that doesn't make sense to me is that after high school you are legally considered an adult. Why should your parents' financial situation have any effect on was kind (if any) aid you get? Say you have a bad relationship with your family, what then?
