“How Black Parents Can Avoid the Parent PLUS Loan Debt Trap”
“What is the trap of parent PLUS loans?
Parent PLUS loans can be harder to repay
But these loans differ from federal loans taken out by student borrowers in ways that make them harder to repay: Higher interest rates. The interest rate on parent PLUS loans is 8.05%, compared with 5.5% for federal student loans. No grace period.Jul 6, 2023”
The above is from Nerd Wallet. Who knew Nerd Wallet had more common sense and facts than any Fed. governor?
From: STUDENT LOAN PLANNER: JUNE, 29, 2023
“You can’t have an adverse credit history, like a recent bankruptcy discharge, default, tax lien, delinquent accounts, repossession or foreclosure. If you meet the aforementioned qualifications, then you can apply for a Parent PLUS Loan for your child.
But how many Parent PLUS Loans can you get? The answer depends on the number of children you have attending college.
A parent can obtain a PLUS Loan for each child in each school year. You can obtain additional PLUS Loans for any year that you have an eligible child in school.”
SO YOU CAN TAKE ONE OUT FOR EACH CHILD EACH YEAR, WITH ONLY A FEW THINGS TO REMEMBER: YOU CAN’T BE BANKRUPT, IN DEFAULT,ETC… But you can make $80,000 and take out $250,000 in loans for your kids to go to Oklahoma State when you live in Ohio. No problem. Huh?
We Must Stop These Parent-Plus Loans. Now.