<p>If you can get a better rate than PLUS, take it. The reason a lot of folks don’t want to do this is because they cannot get an unsecured loan for education at a better rate. Many do not want to use HELOC because that is money to be used in case of an emergency. If you borrow all of that available, you are out of that option, whereas if you go through PLUS, you still have the HELOC or other credit line available for other purposes. PLUS is only available for the college so you do not have an open access to those loans. Also the PLUS process is much easier than getting an unsecured loan most of the time.</p>
<p>The other reason is that there are more choices on how to repay PLUS than with traditional loans.</p>