More unsubsidized or get co-sign for PLUS loan?

<p>Which has lower interest rates?</p>

<p>Unsub Staffords are 6.8%, Plus loans are at 8.5%. Btw, you don’t need a cosigner for Parent Plus loans - these are made in the parent’s name.</p>

<p>No - I think OP means if the PLUS is denied. If that’s the case & you are debating the cosigner or additional unsub, remember that you can only get $4000 unsub for fr/soph or $5000 for jr/sr. If you need more than that, you’re going to have to go for a private loan if you choose to do the unsub instead of the cosigner.</p>

<p>Kelsmom, are you talking about the “basic” unsub stafford that everyone is eligible for, or the “extra” unsub the kids whose parents were denied parent loans becasue of credit issues get.</p>

<p>Exactly, kelsmom. I’ll have a remainder of $1500 to make up after the max unsub loans. My parents EFC was 2440, so I guess we’ll go from there.</p>

<p>Thank you for the replies.</p>

<p>kayf, I was referring to the additional unsub. We have lots of kids asking about this right now … because so many had large PLUS loan offers & they won’t get as much in additional unsub as they would have received had the PLUS been approved. Many of these kids are scrambling around trying to get approved for a private loan in addition to the additional unsub.</p>

<p>With the cross posting here, I am glad to see the one by junshik, as I was concerned he was taking on too much debt. If kids are taking the regular unsub stafford plus the additional unsub stafford, IMHO, unless we’re talking just to finsih out senior year or MIT or Wharton, I think its getting too high.</p>

<p>what is this cosigner thing, and whats the parent plus? do i need to do that?</p>