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College and University Discussion
Reply to "Ever disappointed when you look at lists of where kids are going to college?"
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[quote=Anonymous][quote=Anonymous]Are parents who say they can't afford 45K considering taking out Parent PLUS loans? The right way to use a Parent PLUS loan would be to take out the amount that would end up with a debt service the equivalent to what you're saving every month now for college. That way, you can effectively double your contributions during the 4 years of college (since you can defer the Parent PLUS until graduation - you'd be able to contribute both the amount you were saving monthy plus the loan amount) After graduation, the money you would have been saving for college/paying for tuition now goes to debt service. [/quote] And you will be in your 50s or 60s and looking at never, ever retiring. Also, PLUS loans have higher interest than regular, Sallie Mae loans. No thanks![/quote]
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