PLUS loans

Paying for College
1

<p>Hi,
I recently spoke with a few financial aid officers during school visits and they didn't tell me about PLUS loans, which my teachers recently told me about. I went home and realized from the handouts they gave me that they thought I was an international student... except I'm domestic.</p>

<p>So, what do you guys know about PLUS loans? I'm probably going to need to take out 40k a year for undergrad costs. Is that possible? My EFC is a little higher than that number. Do I need my parents to cosign? Is it better than private loans or not? Why?</p>

2

<p>Plus loans are loans parents/grad students take out to help pay EFC/college costs
FinAid</a> | Loans | Parent Loans</p>

3

<p>I thought you said in another thread that you got a full ride to USC plus another $2500. Why would you need 40k? Just go to USC, it's a great school.</p>

4

<p>
[quote]
40k a year

[/quote]
</p>

<p>A YEAR?!?!?!?!?!?</p>

<p>Wow. I'm sorry, but I think that's crazy. 160K? Wow.</p>

5

<p>^^^^ ditto</p>

<p>Have a look at the loan calculator at finaid.org and see how much your monthly loan payments will be (if you are not paying the interest as you go along make sure you add that and the interest you are paying on the interest will will make your debt at the end of 4 years closer to $195,000) and the salary you need to support that payment. That is a horrendous amount of debt.</p>

<p>FinAid</a> | Calculators | Loan Calculator</p>

<p>And as EK4 said - plus loans are parent loans - you cannot take them out - only your parents (except for grad students)</p>

6

<p>
[quote]
Just go to USC, it's a great school.

[/quote]
</p>

<p>Ditto.....</p>