When a PLUS is a Big Minus: The Biggest Mistake Parents Can Make
We’re heading into that whirlwind time of year when high school seniors receive their college acceptance letters and the decision-making begins.
It’s such a dangerous time for parents. Your instinct is to encourage your kid to follow her dreams, and enroll at her favorite school.
PLUS loans are federal loans available to parents of college students
The most loving long-term ily toward a college that makes financial sense for everyone. And parents, that means being very, very careful about borrowing a penny to pay for college.
I want you to stand in your truth and carefully consider if you can afford to take out PLUS loans.
There is no limit on PLUS loans; parents can borrow up to the cost of college minus any other aid the student receives. Please carefully read any financial aid offers. Often it will list a PLUS loan as part of the aid package. But you’re the one providing that aid!
Even more dangerous is that no one in the financial aid office is crunching your household’s financial numbers to see if that borrowing is affordable. It’s not their job to tell you if taking out these loans will ruin you financially.
PLUS loans can lead to financial trouble that will haunt your entire family. The average annual PLUS loan amount is more than $16,000. Over four years that’s $64,000. For one child!
What happens next is that many families run into a cascade of bad decisions and heightened risks. This is the worst. What will you www.getbadcreditloan.com/payday-loans-wi live on in retirement? Don’t tell me you’ll figure that out later. You will dig yourself a horrible hole you can’t climb out of if you put college over retirement saving. Continuar leyendo: “When a PLUS is a Big Minus: The Biggest Mistake Parents Can Make” →
Publicado el 26/3/2022 Categoría Wisconsin best payday loans.
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