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income has everything to do with loan approval. IMO it would be flat out wrong to approve kids for large student loans in their own names when there is no evidence supporting their ability to repay the loan. that is why the amount the individual student is able to borrow is relatively small - so that financial ruin isn't guaranteed shortly after graduation.
the parent's name is used for the loan because they are supposed to have to the personal discipline to decide whether it is an amount they can repay or not.
the formulas to decide who get's how much are pretty crappy, but limits have to be set somehow - the pool of money for student loans is not unlimited. there is a finite amount funded for the programs that is passed on to each school. it is up to the school to decide what their guidelines are. at least that was true the last time i looked into it a few years ago.
I'm not saying that it is fair and youdon't have the right to grumble, just trying to point out that there is a certain logic to the program.
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