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Read this before you take out a Parent PLUS loan

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Replies to: Read this before you take out a Parent PLUS loan

  • Pikachu's MomPikachu's Mom Registered User Posts: 65 Junior Member
    @Allecto, you said “He does not qualify because I spent last 42 years in this country being responsible, makig sure I am not a burden when I get older.“—that is where I got the idea that your not qualifying for financial aid meant that you thought you were more responsible than those who do. I don’t see that as sarcasm. But perhaps I truly don’t understand what you meant.

    On the other hand, I understand the sentiment of not wanting to be a burden (to either one’s children or one’s parents). It’s certainly why, when we work so hard to try to afford our kids’ educations, it can be so difficult to come up short.
  • colorado_momcolorado_mom Registered User Posts: 8,736 Senior Member
    " I spent last 42 years in this country being responsible, making sure I am not a burden when I get older. " - That sentence confused me too. Financial aid EFC formula is based mainly on earnings, less so on savings. (And when we applied years ago, 401K savings were exempt. Not sure if still the case.) Nonetheless, the EFC is typically shockingly higher than any parent expects.

    Now back to PLUS loans.

    I think it's great this thread has been running for many years. It's easy to get excited about college acceptances and be overly tempted to take out too many loans. This thread helps newer parents read experiences others that have had to make tough decisions.
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