Advice on Loans Needed

<p>Hi all,
We have a daughter enrolled in an expensive, 4-year university. We've been paying her tuition from our income. It's getting very hard to make the nut every month. We're looking for a loan. Does anyone recommend a good route? (Our daughter already has the Stafford.) Thanks for any input.</p>

<p>Have you considered taking a PLUS loanas you will be able to borrow directly from the federal government</p>

<p><a href=“http://www.direct.ed.gov/parent.html[/url]”>http://www.direct.ed.gov/parent.html&lt;/a&gt;&lt;/p&gt;

<p>Plus loans may be the way to go. You can even make payments on them while she is in school.</p>

<p>PLUS has the advantage of flexible payback, including starting payments on them immediately as Brendank21 says. That’s valuable because you can then feel when you are taking out too much in loans, something too easy to ignore when payback isn’t until later.</p>

<p>The loans are dropped if the student or parent dies. Morbid, but something to consider because other options may not work that way. Only one parent has to take out the loan if s/he qualifies. The application process is quick if FAFSA is already filed, can be done all at home on line and approval or not take an instant on the computer, very private. Schools tend to know exactly how to handle these loans, so not much work on your part. If turned down, your student automatically can get about $4-5 more Stafford loans. Credit scores, income not checked, just that you are up on your payments and not had bankruptcy, foreclosure in a certain time period before applicaton. The loan does not show up on your child’s credit report since it is not his/her loan at all.</p>

<p>Disadvantage—interst rate. nearly 8%. In this climate you might be able to do a whole lot better than that.</p>