There are many ways to borrow to pay for a college education.
Q. My daughter was accepted into several colleges and she committed to the one that happened to be the most expensive. She won’t get any merit scholarships -- I think she got in by a hair -- and we won’t have enough in our 529 plans to cover the bills over the years. Should we have her take loans, use a Parent Plus loan or should we get a HELOC? I know interest rates are rising so I’m not sure the best course of action.especially for some private universities.
Private student loans on the other hand, in general, have fewer repayment options, no loan forgiveness programs, and likely would not be included for forgiveness in any potential federal legislation, Van Leeuwen said.Parent PLUS loans tend to be the most expensive type of federal loan with the highest interest rate, currently at 6.28%, he said.
“While this is an option, and if you are comfortable with being responsible for paying your daughter’s loan, it may make more sense to consider a private loan in this case,” he said. “Depending on your credit score and some other factors, you may be able to receive a private parent loan with a more favorable interest rate.”it’s important to understand that you will be responsible financially for paying off this debt, unlike having your daughter take loans in her name, he said.
Without a full understanding of your financial picture, it is difficult to recommend a concrete strategy, but you should consider all these factors before making a decision on any of these options to fund your daughter’s college education.
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