<p>Hello everyone....</p>
<p>Sorry, but I'm still trying to find the best possible way to afford my daughter's college tuition.</p>
<p>I need to know if anyone has had any experience with the parents plus loans and if so if they are able to share their experience. I think I will have no choice but to opt for this loan. I'm hoping I could defer payments until she is done with her 4 years of college and then start paying them.....</p>
<p>Also, how could she apply for loans on her own and what are those alternative loans?</p>
<p>Any information is appreciated..... </p>
<p>Thanks,
Michina</p>
<p>I would strongly recommend against taking a Plus loan out in the first year that you intend to defer payment on for 4 years. Your interest will be accruing at aroung 8% for 4 years. that is NOT a good thing. Especially if you are going to need to borrow for years 2-4 also.</p>
<p>Alternative loans are private loans from banks, not the federal government (like the Perkins, stafford and Plus are).</p>
<p>The only loan she will get in her name is the Perkins of Stafford. You can cosign on a private loan, but then it's not really entirely in her name, since you are on the hook if she can't pay it back.</p>