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College and University Discussion
Reply to "Ignorant question about student loans? "
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[quote=Anonymous]This is not that complicated. Every student can take out 27K over 4 years (maybe 31K) without a co signer. My son just borrowed 5500 for his first year. Thru summer job and our 529 and earning, we will pay the rest. Since it is instate, that 5500 is very helpful. If we could not pay the rest, we could borrow under parent plus. I think the interest rate is 6 or 7% but not sure. We won't do that, as we feel we are too old to be taking out loans. Or the kid can borrow more student loans in his own name, no co signer, if he can find a bank to loan to him. The interest rate would be very high--I am thinking 8 to 10%. So the parent plus loan is cheaper than private loan for kid in his own name. I don't want to co sign and then assume the kid will pay it back. Things happen, kid drops out of school, or something and the parent is stuck with paying it back.[/quote]
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