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Bisonic

Joined: 07/30/2002 Posts: 14262
Likes: 934


I had a couple of Parent Plus loans too. Here are the problems.


They establish the student's needs and fill in the need with any combination of student loans and PP loans they can come up with. It's a very high priority for the school to get those loans lined up because obviously it pays tuition and fees immediately.

Problem one: They do not take into account ability to pay, only credit worthiness. That's because it's not their loan! It's the fed's.

Problem two: Both parents and students don't always have realistic expectations on how burdensome these loans will be. Most parents don't keep track of them stacking up, and less savvy people are the most subject to this becoming a huge problem. Many parents are so determined to see their kids get through college that they don't care about the cost until it's too late.

Oh and Parent Plus loans are "unsubsidized", meaning the interest starts adding up from day one plus.

(In response to this post by Banned-for-life)

Posted: 10/13/2021 at 9:54PM



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