Parent Plus VS Private loans

<p>My dad wants me to take out private loans in my name, and then have him cosign them for college. He says it'll be good for me to be responsible for the loans on my own, although he's giving me money monthly (to do with what I 'want' although it'll no doubt be money I'll be putting down on the loan.)</p>

<p>However, I've recently heard people around here saying they'd never cosign a loan, and instead, take it out in their own name. On the other hand, parent plus loans can't later be transferred to the student, which I'm sure to my dad is the biggest drawback. Is there a specific reason why it'd be so much more reasonable to take out a parent plus loan rather than get my loans cosigned? I think it'd be easy enough to pay the bills myself (even if the money is still my dad's) and make things very hands off for him, and the site says the payments can be deferred until after I graduate as well. </p>

<p>But I have no previous experience with loans, and I'd like to know what I should be communicating to my dad. Any advice?</p>

<p>I’d like to add I plan to be working throughout college (Not just work study) and either way, I’ll end up paying off the loans myself. Because my dad isn’t the parent on my FAFSA; I’m pretty sure I’m eligible for the pell grant (my ED guesstimate finaid package listed it) and I am heavily leaning towards majoring in a foreign language (Chinese) because I both love languages, and I’d like the SMART Grant, if possible. </p>

<p>I guess I’m also curious to see if there’s a line of investment I should consider- the money is mine to do as I want (legal obligation), and while I think the majority of it should go straight into paying my loans, I was also wondering if it would be prudent to invest a small portion of the money say, my first year, in something (a five year CD has been suggested), and let it sit the rest of my college career. </p>

<p>Would having this asset count heavily against me?</p>

<p>I think if the Parent Plus loans are consolidated with Stafford and everything else, they can be transferred to your name. I could be, and probably am, horribly incorrect. Search the Dept of Educations FA website for your answer!</p>

<p>I can’t/haven’t been able to find anything on the actual department of education site.</p>

<p>I did find this</p>

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<p>But I don’t know how legitimate the site is: [Frequently</a> Asked Questions - PLUS Loans](<a href=“Parent Student Loans Hub - Articles, FAQ, and Applications | Edvisors”>Parent Student Loans Hub - Articles, FAQ, and Applications | Edvisors)</p>

<p>Ah, there we go: <a href=“https://www.dl.ed.gov/borrower/QctrHelpIndex.do?SectionId=Faqu[/url]”>https://www.dl.ed.gov/borrower/QctrHelpIndex.do?SectionId=Faqu&lt;/a&gt;&lt;/p&gt;

<p>I can’t consolidate a parent plus loan.</p>