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I just found out that I did not have to do parent plus loans for my son in college. It was never mentioned to me. I was only told about scholarships galore (he only got 3 and we applied for about 60), and grants (he is out of state, in a private small college so didn't qualify), and loans 98% of this all parent plus. I researched and never came across or told this by anyone, so I'm telling YOU... Get a parent plus in their 1st year, thereafter they can do their own as it's forgiven after 25 years of non missing of payments. The parent plus is NEVER forgiven, only in death. Although I missed this in my research, it's still their responsibility as financial aid counselors to inform and give options. I'm stuck with $80.000 in loans for his BA, until I die, and yes, I got caught up in the college rush. He will help repay. Do community college, 2 years and transfer unless they get full scholarship. Hope this helps you.

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Asked by ladylovemm at 12:05 PM on Sep. 28, 2010 in

Level 10 (411 Credits)
Answers (9)
  • o wow...thats awful! I stay at the community college because of this. Did he get a good job with that BA? I hope so! More need to be done to educate parents and kids about different options. Its all so stressful:(

    Answer by hill2 at 12:07 PM on Sep. 28, 2010

  • Sorry they didnt do their job and your paying for it. Litterally! Good Luck!

    Answer by tiger_tatted1 at 12:09 PM on Sep. 28, 2010

  • Like all positions, financial aid counselors are not equal. Some know what they are doing others do not. Research - Research Research.
    Be thankful your son has his education.

    Answer by tootoobusy at 12:12 PM on Sep. 28, 2010

  • Doing the community college for 2 years and transfer is the way to go.  I'm sorry this happen.  Hopefully your son gets a good job and helps you.  GL


    Answer by musicmom08 at 12:43 PM on Sep. 28, 2010

  • I am thankful...just saying in order to educate others.

    Comment by ladylovemm (original poster) at 12:47 PM on Sep. 28, 2010

  • sucks

    Answer by Roadfamily6now at 12:37 AM on Sep. 29, 2010

  • Be careful w/ advice about defaulting on loans.

    Federally subsidized student loans are actually NEVER forgiven for non-payment. Default on those loans for a student can be disastrous!

    My ex-husband defaulted on his while he was in the military. He lost 2 ranks, had his wages garnished, and his income tax refunds every year are confiscated to repay the loan. He lost a good job that won a government contract because the default prevented him from getting his security clearance and he can *never* work for another company that receives any type of gov't contract. He's estimated w/ the penalties he's been charged, plus the increased interest from the default, and the rate of repayment, the loan that COULD have been paid off in 10 years will take him 45-50 years!

    (And yes, his GI Bill SHOULD have covered it - but the military doesn't tell you that they won't pick up your loans on your GI UNLESS your payments are current!)

    Answer by geminilove at 12:51 PM on Sep. 29, 2010

  • THAT'S AWFUL. I heard that they are giving $2,500 every 2 minutes in loans to college students. Just like the home prices, this, too, has got to stop. We as parents, need to take a stone, hard look and realize that the cost just won't do. Community or Trade college is the way but I found out that most of those have either closed or closed a lot of classes due to budget cuts. Most did not have a summer session. Another thing, they have got to stop telling kids that college kids make more $$ than high school degrees. That normally applies to medical, science, tech, or math fields. They need to be more honest with this college jargon and we need to be more realistic. My problem is that my son lost his scholarships due to 3 of his sponsors could not commit to his next 2 years (budget), one dropped him due to a drop in grades (he had pneumonia), and one was caught up with Murdock.

    Comment by ladylovemm (original poster) at 2:59 PM on Sep. 29, 2010

  • Also, I am NOT giving advice about defaulting on loans...I said it's forgiven after 25 years of NON MISSING of payments, ie, you don't miss any payments. The advice is to go to community college for 2 years instead of taking out massive loans.

    Comment by ladylovemm (original poster) at 4:39 PM on Sep. 29, 2010

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