Not as a parent, but as someone whose parents took out a PLUS loan for me to attend a private college.

In retrospect, I would have gone to a state school. The financial burden is just not worth it after you graduate. However, I did get some things at ol' AC that I couldn't have anywhere else. There is a trade-off, and I'm still paying for it.

In looking at my parents, who didn't really get financial advice (about these loans or anything else), it really put them in a vulnerable position. When I was beginning college, I really saw it as my responsibility to pay for it. I'm pretty much a DIY guy in everything, and I told my parents that I would take over the payments after graduation.

I assumed that they had put the same arrangement in place for my (4 years younger) sister. I have learned in the last year that my sister is refusing to take over the PLUS loan payments (she graduated college in 2000, and I graduated in 1996). I'm really diappointed in her (she says that she can't afford it), but that's where it's at, and someone has to pay for it.

I think the thing to consider is the fact that SOMEONE will be paying this loan back. Since the parents have their name on it, they are responsible for it. It seems that with many families, in the excitement of getting into and going to college, no one really thinks about afterwards.

So financial planning at this stage is crucial. I wish that my parents had this kind of information back when I was enrolling in college. As it is, I'll be out of debt (school loans, anyway, not the mortgage) in 2009. That's 13 years after I graduated, and on an accelerated pay-off program.

Good luck.
Urby

posted by 68.82.157...

• OT: Should I take the PLUS loans for kid's college?, Dave in Houston, Sat, 26 Mar 2005 04:38:20
  • Thanks, everyone... and a few remarks..., Dave in Houston, Sat, 26 Mar 2005 16:52:20
    • Congratulations on your degree of preparedness..., MI-Roger , Sun, 27 Mar 2005 17:30:25
    • Ask successful friends, family, and pro. associates..., Allen K, Sun, 27 Mar 2005 07:29:00
  • Agree with MI-Roger + my experience ..., Urby, Sat, 26 Mar 2005 11:56:07 <-- Viewing This Message
    • Re: Agree with MI-Roger + my experience ..., DKH, Sun, 27 Mar 2005 18:16:26
      • Allegheny College in Meadville, PA, Urby, Mon, 28 Mar 2005 09:07:27
  • Thoughts, awg, Sat, 26 Mar 2005 11:50:36
  • Talk to a CPA or Financial Planner - NOW!, MI-Roger , Sat, 26 Mar 2005 11:03:46
  • call the guys at NHHEAF.org, a prodigal son, Sat, 26 Mar 2005 10:28:49
  • PLUS loans - we didn't, JimBlake , Sat, 26 Mar 2005 07:41:26
  • Re: OT: Should I take the PLUS loans for kid's college?, Chuck in SD, Sat, 26 Mar 2005 05:24:26
    • The way things are globally now, and will be in the, Drew in Hosuton, Sat, 26 Mar 2005 06:56:42

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