Parent Plus Loan information and experiences

Spring4
Sat, 22 Jul 2023 12:00:50 +0000

I agree, but I also believe that the narrative that ‘everyone should fill out the FAFSA’ and the false equivalencies peddled by student loan companies and financial aid office staff needs stronger regulation, more akin to the regulations that consumer banks and brokerages have to follow.

This lackadaisical approach to regulating this industry is, imo, why we have a student loan crisis, why it is so difficult for families to figure out their COA before their child has committed to a particular school, and why COA is increasing every year, with no end in sight.

I hate that I have to pay into a system that propagates this because, sometime in the last twenty years, administrators and government officials apparently sat in a smoke-filled room and figured out that PPLs were a necessary invention for their annual revenue sources.

Obviously, I am in no position to do anything about this. I have a child going to college next year, and I will have to pay into this system that was created by others and victimizes people like the subjects of this article.

Families planning is not enough. The scope and the magnitude of this debt crisis as well as causes of it are somewhat akin to the mortgage backed securities crisis in 2007, and taxes didn’t fix that- more regulation did.