I see a lot of discussion about fancy colleges. But someone needs to pay. Any advice where to get student loans for Dad.
Parent Plus loans (govt, but arranged through the school) are loans to the parent not the student. With many private loans (SallieMae, SoFi, Wells Fargo) the primary borrower can be a parent or it can be the student with a parent co-signer.
Opinion here…
If fancy college is unaffordable…go to a less fancy but affordable college.
OP’s child is already in school. They just need an extra ~$15k/year for the last 2 years.
Have your daughter take the $6500 sophomore federal student loan now. Contact the school financial aid office and tell them you want it. It has to be done now because once the school year ends you can’t get it. Save that for next year. In the fall have her take the $7500 federal student loan. Those 2 loans should cover junior year.
She can take a $7500 federal student loan her senior year too. That leaves ~$7500. If she works this summer and next she can probably raise $6k of it. If she’s already working than look into the loan options in post #1.
Thanks @austinmshauri for providing the important details to help the OP!
To the OP…I would suggest you re-read the responses to your same question on your other thread.
If you take the sophomore Direct Loan now and Bank it…and then the Direct Loans for junior and senior years of $7500 each…you will be very close. A student job both summer and during college will help.
Can you contribute anything out of current earnings? Many colleges have a payment plan so you could use that to help your cash flow if needed.
If you are put off the idea of her taking the direct loans, you can always pay them for her, the reality is they are going to be cheaper than plus or private loans. Did you just ignore the last thread becuase the answers were unpalatable? Direct, plus, heloc, and CC optimization (only for the financially secure) were suggested, as your number is small.