<p>In looking at the FA info, I'm seeing that many of the schools my son is applying to, intend to fill the gap in our FA packages with a parent plus loan. I already owe the federal government a ton of money from my own educational experience and am in fact, in deferment on that huge loan amount because I'm unemployed. </p>
<p>Should I tell the colleges this as they develop the FA packages for my son and ask what other options we have?</p>
<p>At what point does a dependent child become an independent child in the 4 years of college, or do they?</p>
<p>They become an independent ADULT at 24, if they marry, join the military or a few other special cases which might involve your death (so don’t wish for that) for FAFSA purposes.</p>
<p>If you do not qualify for the PLUS, your child may be offered an additional $4000 unsubsidized Stafford.</p>
<p>I would hope you would urge your son to apply to schools which are affordable based on your own experience.</p>
<p>Shame on those schools that are packaging their financial aid including those loans. They have no business doing this as they CANNOT GIVE you those loans, they can only suggest that you check them out as a way to meet the gap that is there between what your student IS actually getting and what it costs to go there. They might as well have given you a list of the local banks and other lending institutions and the names of the Loan sharks out there. You have to qualify and you have to pay bank the money, or something will get broken. And the rates are not good in this low interest climate for those loans. </p>
<p>The reason PLUS is listed, is because it’s a quick online app you can do in the privacy of your home with a quick deny or accept. If you are denied your can get $4K more in Direct Loans himself. However, you are setting that kid up to be in the situation you find yourself facing Hopefully, you have local affordable options that do not require you to borrow any money, and for him to stick at very maximum to the Direct loan maximum of $5500 his first year. It’s tough enough paying back those loans at those levels when family is strapped as well.</p>