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Parents of college students - student loans
Posted on 6/4/26 at 9:10 pm
Posted on 6/4/26 at 9:10 pm
Oldest is getting ready to leave for college. Who do yall recommend going through for student loans? Anything that I should be cautious about or that’s different than any other type of loan?
17
Posted on 6/4/26 at 9:19 pm to Tiger Prawn
Send them to community college and pay cash.
Posted on 6/4/26 at 9:27 pm to Tiger Prawn
quote:no one
Who do yall recommend going through for student loans?
Posted on 6/4/26 at 9:41 pm to Tiger Prawn
Got one leavin in August too. Interested in serious answers to this.
Posted on 6/4/26 at 9:43 pm to Tiger Prawn
In the same boat.
It’s incredibly important to understand the impacts of the Big Beautiful Bill. There’s a cap on how much a student can borrow. It won’t pay for both undergraduate and graduate studies virtually anywhere.
The interest rates are also insane. What you considered credit card levels of interest just a few years ago are student loan rates today.
Understand the implications; you are basically co-signing on the loan. If your child cannot repay or decides they suddenly have daddy issues and wants to rebel; the government has every legal right to go after you for reparations.
It’s incredibly important to understand the impacts of the Big Beautiful Bill. There’s a cap on how much a student can borrow. It won’t pay for both undergraduate and graduate studies virtually anywhere.
The interest rates are also insane. What you considered credit card levels of interest just a few years ago are student loan rates today.
Understand the implications; you are basically co-signing on the loan. If your child cannot repay or decides they suddenly have daddy issues and wants to rebel; the government has every legal right to go after you for reparations.
This post was edited on 6/4/26 at 9:48 pm
Posted on 6/4/26 at 9:44 pm to LChama
The university / college should be answering this question for you. Have you filled out a FAFSA?
Posted on 6/4/26 at 9:54 pm to wiltznucs
quote:
The interest rates are also insane. What you considered credit card levels of interest just a few years ago are student loan rates today.
CC interest rates are ~21%
Fed student loans are like 8%
Posted on 6/4/26 at 10:24 pm to RoyalWe
quote:They do to an extent, but wanted real life perspectives from parents and not just a scripted answer from a student working in the financial aid office
The university / college should be answering this question for you.
quote:Yes. They have the $5500 loan option, but of course my kid picked an out of state school. We agreed that we’d cover the amount of what in-state cost of attendance would’ve been, but she’s on her own for the difference to go out of state. There’s a decent amount of scholarship money to soften the blow, but its still a decent amount out of pocket….more than the basic $5500 loan
Have you filled out a FAFSA?
This post was edited on 6/4/26 at 10:29 pm
Posted on 6/4/26 at 10:31 pm to wiltznucs
quote:I’m aware about the co-signing part and being responsible, but how does that work on credit reports. Does it show up and stay on my credit report until its paid off? Or does it fall under the student’s credit report and only become an issue for me if she isn’t making payments on time? Just making sure how it affects my credit scoring
Understand the implications; you are basically co-signing on the loan. If your child cannot repay or decides they suddenly have daddy issues and wants to rebel; the government has every legal right to go after you for reparations.
Posted on 6/4/26 at 10:33 pm to Tiger Prawn
I recommend don't take out student loans
Posted on 6/4/26 at 11:00 pm to Ostrich
quote:Did I mistakenly post this thread on the OT?
I recommend don't take out student loans
Posted on 6/4/26 at 11:03 pm to Tiger Prawn
quote:
Yes. They have the $5500 loan option, but of course my kid picked an out of state school.
How much is this school and what's the difference?
Posted on 6/4/26 at 11:40 pm to Tiger Prawn
They have loans for the student that are limited and those are in the student’s name. They also have Parent Plus Loans for the parent to borrow and the dollar amounts are much larger. Those are in the parent’s name.
Posted on 6/5/26 at 4:48 am to Billy Blanks
quote:Would probably be looking at $15-20K loan amount per year
How much is this school and what's the difference?
Posted on 6/5/26 at 5:09 am to wiltznucs
quote:
The interest rates are also insane. What you considered credit card levels of interest just a few years ago are student loan rates today.
I found this interesting, so I did a quick search. Turns out student loan rates are around 6-8% (similar to an auto loan, which is fair) while CC rates generally exceed 15%.
Not suggesting taking on debt early is ever a good idea, but am I missing something?
Posted on 6/5/26 at 5:18 am to Tiger Prawn
quote:damn that's going to suck they better be getting a decent degree
Would probably be looking at $15-20K loan amount per year
Posted on 6/5/26 at 6:44 am to Tiger Prawn
Is she taking the loan out? If so, have you considered you being her bank and possibly forgiving the loan IF she meets certain requirements IE like certain GPA throughout and graduates? That's what I did with both of mine and it worked out well. One of them had a down semester and amount was not forgiven; it lit a fire under him to get back on track.
This post was edited on 6/5/26 at 6:47 am
Posted on 6/5/26 at 7:29 am to CecilShortsHisPants
quote:
I found this interesting, so I did a quick search. Turns out student loan rates are around 6-8% (similar to an auto loan, which is fair) while CC rates generally exceed 15%.
He needs private loans. Depending on credit worthiness and co-signing, the rates can be comparable. Probably even worse when you consider they’ll accrue interest for years before she even begins repayment.
Posted on 6/5/26 at 7:42 am to Tiger Prawn
Just wondering but do you just not have the money to help float this?
\So you're only covering what in-state cost would have been and its still $15k-$20k/yr? That seems very high unless you're also paying for cost of living.
\So you're only covering what in-state cost would have been and its still $15k-$20k/yr? That seems very high unless you're also paying for cost of living.
Posted on 6/5/26 at 7:51 am to Tiger Prawn
Go to an in state school and pick a high ROI degree.
Utilize any scholarships available and live cheap as shite. I got an engineering degree at LA Tech because it’s a fantastic in state school, cheaper than my beloved Tigers, and the ROI was apparent.
Found an off campus rental that me and some buddies split 4 ways and it was $300/mo for rent plus utilities and groceries.
Once you graduate with your nice paying job continue to live cheap as shite and get the loans paid off. I inherited $75k+ loans with my Wife’s graduate school and that sucked, but she also got a high ROI job and we cranked it out in less than 3 years.
It’s all doable if you’re willing do what it takes.
Utilize any scholarships available and live cheap as shite. I got an engineering degree at LA Tech because it’s a fantastic in state school, cheaper than my beloved Tigers, and the ROI was apparent.
Found an off campus rental that me and some buddies split 4 ways and it was $300/mo for rent plus utilities and groceries.
Once you graduate with your nice paying job continue to live cheap as shite and get the loans paid off. I inherited $75k+ loans with my Wife’s graduate school and that sucked, but she also got a high ROI job and we cranked it out in less than 3 years.
It’s all doable if you’re willing do what it takes.
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