Education loan financial obligation may be out of control, but actually it’s the moms and dads you should be most concerned about. There is certainly just one form of academic loan open to families which has no limitation as to how much could be borrowed with no formula for testing whether the debtor are able to afford the debt—and it really is geared towards moms and dads.
No credit rating? No task? Neither is just a deterrent to securing the federal government’s Parent Loan for Undergraduate pupils program—better referred to as PLUS loan.
Horror stories abound, including one about an unemployed moms and dad in Arizona whom took down $120,000 in figuratively speaking to send her youngest up to a pricey university that is midwestern. Read more