Consolidating parent plus loans dating with guys

While the loan is approved and disbursed based on credit report information, no debt-to-income ratios or credit scoring applies.

But if you are reading this article, you already know all that stuff.

As you weigh the pros and cons, keep in mind that timing is critical.

With just a few exceptions, you get only one chance to consolidate with the government loan programs.

Millions of families have used federal loans aimed at parents to help pay for their children’s education, according to the Department of Education.

However, these are among the most expensive federal loans for borrowers.

Over the past few years, some members of the education policy community have woken up to the paradox that is the Parent PLUS loan program.

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Parents are encouraged to jump into them to help pay for school by taking out Parent PLUS student loans, and they think they are doing a good thing, but is it smart? You can consolidate all, just some, or even just one of your student loans.Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.Parents’ potential earnings are, of course, unchanged by the loan. Parent PLUS loan paradox #2 is a bit more troubling because it invokes predatory lending.The decades-old Parent PLUS program allows parents to borrow federal student loans on behalf of their children in amounts up to whatever a school charges, including living expenses. With a fixed interest rate of about 7 percent and 4.3 percent origination fees, the loans are hardly a good deal—unless, of course, a parent has no other options.

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