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re: Parents of college students - student loans
Posted on 6/5/26 at 10:02 pm to Tiger Prawn
Posted on 6/5/26 at 10:02 pm to Tiger Prawn
Also have a daughter headed to college in the fall.
She stays in state, we can cover what scholarships do not.
Out of state, the two schools she was considering, one would require about 10k more per year, other about 20k. Told her there would be loans required.
Lots of tough talks but in end she chose debt free option to stay in state.
Obviously get the government loan for her first.
Then you have a choice. Parent plus loan or private student loan. Parent plus loans are close to 9 percent fixed rate with a 4 percent origination fee. Unless credit is awful it will approve.
Private student loan terms will be in her name with you likely to co-sign, if your credit is great. Might get better rate than parent plus.
She stays in state, we can cover what scholarships do not.
Out of state, the two schools she was considering, one would require about 10k more per year, other about 20k. Told her there would be loans required.
Lots of tough talks but in end she chose debt free option to stay in state.
Obviously get the government loan for her first.
Then you have a choice. Parent plus loan or private student loan. Parent plus loans are close to 9 percent fixed rate with a 4 percent origination fee. Unless credit is awful it will approve.
Private student loan terms will be in her name with you likely to co-sign, if your credit is great. Might get better rate than parent plus.
2
Posted on 6/5/26 at 10:28 pm to LSUFanHouston
quote:Thanks. This is the kind of info I started the thread hoping for. My credit score is high 700’s, so thats not an issue. Any particular lender you recommend on the private loans with me possibly as a co-signer?
Then you have a choice. Parent plus loan or private student loan. Parent plus loans are close to 9 percent fixed rate with a 4 percent origination fee. Unless credit is awful it will approve.
Private student loan terms will be in her name with you likely to co-sign, if your credit is great. Might get better rate than parent plus.
Posted on 6/6/26 at 1:23 am to wiltznucs
quote:
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 hypocrisy of our government is so comical. They go into massive debt year after year after year, but decide to take away the ability of some students to invest in themselves with undergrad and graduate degrees. They are a complete joke.
Taking away government backed loans would go a long way to curtailing outrageous increases in tuition/fees. And mandatory audits for any school receiving federal funding that raises tuition/fees to show why it is necessary.
Just two examples of our government ephing up education.
Posted on 6/6/26 at 1:32 am to LSUFanHouston
quote:
Parent plus loans are close to 9 percent fixed rate with a 4 percent origination fee. Unless credit is awful it will approve.
I would take out a HELOC before I ever paid a 4% origination and 9% fixed. I realize there are issues with the write off for HELOCs and many probably take a standard deduction. For me personally, I would take out a HELOC before I did any parent plus or other private loan, though.
Posted on 6/6/26 at 7:25 pm to Tiger Prawn
quote:
Any particular lender you recommend on the private loans with me possibly as a co-signer?
I (technically my daughter) have gotten about 100 mailers in last several months.
Sallie Mae and Sofi are probably two of the biggest names. Rates will probably be similar. May be different benefits,
Customer service will suck with all of them
Posted on 6/6/26 at 7:27 pm to go ta hell ole miss
quote:
I would take out a HELOC before I ever paid a 4% origination and 9% fixed. I realize there are issues with the write off for HELOCs and many probably take a standard deduction. For me personally, I would take out a HELOC before I did any parent plus or other private loan, though.
You are trading rate for attaching it to your house.
I would imagine most people taking parent loans don’t have solid equity.
Posted on 6/6/26 at 9:28 pm to Tiger Prawn
my youngest got a full ride on a softball schollie. no loans needed. 
Posted on 6/7/26 at 8:05 am to go ta hell ole miss
4% origination and 9% rate. Yikes.
Posted on 6/7/26 at 8:54 am to Quatre Pot
quote:
1 kid had full ride option to go to McNeese but chose to take TOPS and go to LSU. He had to pay a little out of pocket. I wasn’t paying for his party Next one dreamed of going to Tulane. Spent a year at LSU working to gain a scholarship to Tulane. Earned it and graduated with a full ride to there. Third took full ride to McNeese and pockets about 4-5K over his expenses each year.
There’s actually a ton of research to show your Tulane grad will earn significantly more than the others. But, there is a caveat…a social budget is necessary while in school.
Students that go to expensive private schools make substantially more money regardless of degree….but, they also need a social budget that allows them to socialize with their peers throughout their studies, because that social circle will determine their market value.
Posted on 6/7/26 at 9:52 am to Tiger Prawn
quote:
Did I mistakenly post this thread on the OT?
Enjoy the debt, idiot
Posted on 6/7/26 at 11:17 pm to LSUFanHouston
quote:
You are trading rate for attaching it to your house. I would imagine most people taking parent loans don’t have solid equity.
My HELOC rate is 6.25% versus 13%. Yes, I will absolutely attach that to my house, unequivocally.
I suspect most people on this board with 18-22 year old children have a lot of equity.
This post was edited on 6/7/26 at 11:18 pm
Posted on 6/8/26 at 1:22 am to go ta hell ole miss
quote:
My HELOC rate is 6.25% versus 13%.
Can you get 10-25 years?
Posted on 6/9/26 at 7:16 pm to LSUFanHouston
quote:
Can you get 10-25 years?
Of course. I have a 10 year HELOC now. I did not know that was a big thing. I thought most draw periods were 10 years followed by a repayment period of 10-20 years.
This post was edited on 6/9/26 at 7:18 pm
Posted on 6/10/26 at 11:37 am to Tiger Prawn
What is she majoring in and what does she want to do? Did she not get TOPS in La. or any other scholarships?
Posted on 6/14/26 at 11:40 pm to Tiger Prawn
quote:
Did I mistakenly post this thread on the OT?
I was wondering that too, all the "dont take student loans" comments are beyond annoying when you clearly set out the reasons why they are necessary. Also, Im about to pay off my law school loans (which have been 2.7% since 2020), I applaud you for making your kid be an adult unlike so many others these days. Helping like you are is a positive, but all these parents who float the whole bill does nothing to teach kids responsibility and the real world.
That being said, I also dont have an answer but I applaud your choices here and while student loans slowed me down I overcame, looking at retirement before at 48-49, maybe 5 years from now. I also went to law school and always knew I had to work hard because I had this obligation, hope your kid has the same work ethic.
Posted on 6/15/26 at 1:52 pm to nola tiger lsu
quote:
I was wondering that too, all the "dont take student loans" comments are beyond annoying when you clearly set out the reasons why they are necessary.
I must have missed where these reasons were stated. Encouraging your kid to take on mountainous debt (for a bachelors at that) at the start of their career is irresponsible
Posted on 6/15/26 at 1:58 pm to Tiger Prawn
I'm so sick of SL... I took out 75k (yes I know, it includes a masters degree), I have paid faithfully $200 more than the minimum every single month. When COVID hit I lowered my payment to my minimum amount before switching to the plan since there was no interest attached. I now owe 88k, as my loan has been sold multiple times even while being held by the government. My only hope is death to get out of what I owe.
This post was edited on 6/15/26 at 2:13 pm
Posted on 6/15/26 at 2:08 pm to Ostrich
quote:
Encouraging your kid to take on mountainous debt (for a bachelors at that) at the start of their career is irresponsible
Some people dont have the choice. If you pursue a career with actual opportunities, it is just a hurdle in life, one of many that you overcome. It doesnt have to be a mountain.
And OP said more than once he was looking for options other than "dont do it", but people in comments always ignore the actual question for their own opinion, this is certainly not the only place.
Posted on 6/15/26 at 2:16 pm to nola tiger lsu
quote:
Some people dont have the choice.
OP said they were going OOS for this student loan debt. That's a choice. Every state has a schools that offers essentially all majors. I would love to know what school/degree we're even talking about here. Can always go to community college for the first couple of years as well, if you can't afford it. Again, there are choices.
Posted on 6/15/26 at 3:37 pm to Ostrich
Her degree will have her making around $200K starting salary. So if she has to take out some loans to get into the program she wants at the school she wants, its not the end of the world since she'll have the means to repay those loans after she finishes school. Me co-signing on student loans wouldn't even be an option on the table if she wasn't going for a high ROI degree field.
Thanks for the 2 or 3 posters that gave legitimate answers to the question I asked and not just the OT-type responses of "never take out loans" or "go to community college"
Thanks for the 2 or 3 posters that gave legitimate answers to the question I asked and not just the OT-type responses of "never take out loans" or "go to community college"
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