Parent Plus Loan information and experiences

Knowsstuff
Sat, 22 Jul 2023 12:33:03 +0000

Well… Many many families that never thought they would get financial aid and didn’t want to apply actually do. Lots of misconceptions out there.

My own situation many moons ago was financial aid but my mother had to cosign for medical school loans. Regardless, they were “MY” loans but I had no other avenue and yes I worked. My loans were definitely deffered and deffered and forbearance was a normal thing since I had no choice. But… After getting out of residency and somehow buying a house that appreciated greatly in a very short time, I paid back with equity $350,000 of my and my wife’s loans.

So, it can be done. It should be done. At least now from what I understand that interest won’t accumulate to no end. That is what did us in. Making payments but getting no where was like swimming in a pool but staying in exactly the same place. If when we made our payments it reduced the principal we would of been fine. I totally understand your post.

But the reality is many people tend to live above their means. Little Susie just has to go to school “X”. She will have a history degree and will basically never pay off $200,000 degree for that privilege. We see this on CC daily. It’s really sad. I went to community college to save money for a year. I worked.

Again, having the financial talk early junior year or even earlier sets expectations. No one should have to dip into retirement or second mortgage to pay for college.