Anyone else preparing to take our parent loans for 2023-2024? If so, how much

[Anonymous]

You will not see anyone on here taking out such loans. Most kids doing so are first-gen and the parent or uncle has no idea what they’re really signing up for, older nontraditional students with no family support & has to leave their job to go to school or kids whose families are culturally opposed to college & kid finds somebody to co-sign their student loans because parents refuse to pay anything.

[Anonymous]

Anonymous wrote:OP here -- our situation is unique, and we have considered all the pros and cons of parent loans.

Please do not comment about the wisdom of parent loans. Thank you!

Why are you speaking to us like we’re 10? We’re not the ones who are irresponsible and taking out these loans.

[Anonymous]

check college work study programs.

[Anonymous]

OP—is your kid already planning to take out what they are allowed to in their own name (which adds up to $27k total)? Make sure they’re doing that if money is an issue before resorting to other kinds of loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here -- our situation is unique, and we have considered all the pros and cons of parent loans.

Please do not comment about the wisdom of parent loans. Thank you!

People posted info.

[Anonymous]

Not something you see here…this demographic.
More low income/1st gen.

[Anonymous]

Visit r/studentloans on Reddit. Daily nightmare-inducing stories, usually by folks from FGLI households, finding out that their parents took out six-figure parent plus loans that the parents assured the kid were under control.

[Anonymous]

Anonymous wrote:We did not plan to have to take out loans, but we think it will be worth it.

If you're taking out loans as a parent (in order to let your student go to the college of their choice), can you share how much per year you are planning to borrow, and from what institution, and at what interest rate, if possible?

(And please, no posts about how we should not take out loans. We think it will be worth it to take out loans (as parents), and so have already decided to do so, even though we understand the risks.)

If you have to do this, it’s a sign that the school is unaffordable for you. You have lots of other choices. Make one of them.

[Anonymous]

Anonymous wrote:OP here -- our situation is unique, and we have considered all the pros and cons of parent loans.

Please do not comment about the wisdom of parent loans. Thank you!

Hmm. Every situation is unique.

But maybe you mean that you won't have trouble repaying the loan, for whatever reason (off-shore account, inheritance, etc). OK, then. But since most people on DCUM try not to take out loans, I'm not sure you'll have very helpful answers here.

[Anonymous]

My kid has $18k in federal loans in their own name as a junior in college, but won’t be taking out any more.

[Anonymous]

If your kid needs to take out more than the $27k that kids can take it, the school is unaffordable.

[Anonymous]

You can’t afford it.

[Anonymous]

Hmm. This isn’t the place for that advice.
You might be the only one doing this in this community.


Get a bridge loan from Citi if you can….

[Anonymous]

Don’t do it!
It’s decidedly NOT worth the degree to be in debt with parents plus loans.

We are taking out 0 in parents plus loans. My child was admitted to a school where he would need more
Than the 27,000 a year and we told him to choose another school.

[Anonymous]

I live in a state where the instate public universities are the most expensive in the country. I know a lot of people who borrowed a ton. Please don’t.