Parent PLUS Loans = STUPID! - Dave Ramsey Rant
Dave explains how Parent PLUS Loans are stupid. Original call that led to this rant can be seen at https://youtu.be/YjczRmXRU38?t=7528 Visit the Dave ...
Loans Similar To Parent Plus Loan – A personal loan is not the same as a property mortgage or an auto loan. Personal loans allow you to borrow and use the money for what you need. However, like other types of loans, a personal loan must be paid back to the lender in full within the specified time period. Your lender’s loan agreement will detail how much time you have to repay your loan.
Alternatives to Direct PLUS Loans For parents. As a parent, you may wonder if borrowing for your student's education is best done through Direct PLUS Loans, or if you should pursue other avenues. The following are just some of the differences you'll find between private industry loans and Direct PLUS Loans. Home equity or private/personal loans
Alternatives to Parent PLUS Loans. Use student loans first: It can often be more cost-effective for the student to access federal loans to pay for school, rather than the parent. The interest rates on a federal student loan will likely be lower than a Parent PLUS loan, said Manville.
Parent PLUS Loans, on the other hand, offer only a 7.00% rate and a standard 10-year repayment period. At disbursement, there are no options that lead to a lower rate on these loans. Overall, both Parent PLUS and private student loan rates make it affordable to borrow for your child’s education.
Each year, Congress sets the rates on federal student loans, including Parent PLUS Loans. For the 2018-2019 academic year, the interest rate on a Parent PLUS Loan is 7.6%, and the one-time fee is ...
Parents who want to help their kids pay for school have options when it comes to parent loans. They may qualify to take out a federal parent PLUS loan after their child submits the FAFSA, or apply directly with a private lender, and use the money to pay for a student’s educational expenses.