Education loan financial obligation may be out of control, but actually it’s the moms and dads you should be most focused on. There was only 1 variety of academic loan open to families which has no limitation on what much could be borrowed with no formula for testing whether the debtor are able the debt—and it really is directed at moms and dads.
No credit rating? No work? Neither is really a deterrent to securing the federal government’s Parent Loan for Undergraduate pupils program—better referred to as PLUS loan.
Horror stories abound, including one about an unemployed moms and dad in Arizona whom took away $120,000 in student education loans to deliver her youngest to a pricey Midwestern university.
Hearing the story, educational funding expert Mark Kantrowitz can only just shake their mind. Read more