You can borrow money for tuition; you can't borrow money for retirement.
They should have looked at schools which were reasonably affordable for the student to repay with her own income upon graduation. If mom and dad want to kick in to help pay back those loans or add funds to attend a better school, so be it. Sounds like there wasn't a whole lot of consideration given to the price tag and the ability to repay the loans, which was foolish.
** Removed **