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Message
re: Student Loans
Posted on 4/23/24 at 2:14 pm to Joshjrn
Posted on 4/23/24 at 2:14 pm to Joshjrn
quote:
Generally speaking, people only move into PLUS loans once they've exhausted eligibility for the objectively better direct student loans. Does she also have separate loans on top of this, or did you guys take out PLUS loans as a loan of first resort and this is all there is?
Generally speaking, yes. But many families have too high of an EFC to qualify for traditional student loans. Parents qualify for the PLUS loan program, which is not a true student loan, it's a loan to the parents. Ive seen parents take out PLUS loans for the hell of it.
PLUS Loans are fixed rate, so the 8% is there for the life of the loan. OP just needs to figure out what he wants to do. I'm not a fan of liquidating aa 401k for any reason, though.
There is a loophole that is closing this year that would allow you to access the SAVE plan.
LINK
1
Posted on 4/23/24 at 5:18 pm to anc
quote:
Ive seen parents take out PLUS loans for the hell of it
I'm pretty sure my parents took one out and spent a portion of the distribution on a car downpayment. I had most if not all of my tuition and direct expenses through school covered by scholarships I earned. I was told about this decades later.
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