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After exhausting all other financial aid options (e.g., grants and scholarships), educational loans provide another resource for getting financial help to pay for college. The loan programs work differently, so talk with your lender or college about various loan options.
If you borrow a Federal PLUS Loan (for parents), you will be responsible for repayment of both the principal and interest from the day funds are disbursed. The first payment is due within 60 days after the date of the last loan disbursement.
If your child takes out a loan, it will have to start being repaid soon after graduating college. Generally, your child will be given a choice of repayment plans to find the one that best suits his/her new income and financial status. Because all loans must be paid back, along with interest, only borrow the amount that is absolutely needed. To help determine how much of your child's after-college income should be taken up by student loan payments, use the SLOPE Calculator.
Click here for information about noneducational loans you may want to consider.
Click here for information on educational loans a student may borrow.
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