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Advertiser Disclosure Updated: May 19, 2020, 10:00am

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Updated: May 19, 2020, 10:00am
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What happens when your family has run through college savings, private scholarships, federal grants and federal direct student loans and you still need more money to pay for your kids’ college?

Parents, if they’re inclined, can borrow the entire cost of college attendance (minus other grants and aid) from Uncle Sam in the form of PLUS Loans. Graduate students can also borrow up to the full cost of attendance through PLUS loans.  (Undergraduates aren’t eligible to take out PLUS loans themselves.)

But PLUS loans don’t come cheap. New PLUS loans issued after July 1 will carry a fixed rate of 7.08% plus a stiff origination fee of 4.248%.  (That origination fee is deducted from the loan upfront, meaning you get less than you have borrowed.)

Surprisingly, private student loans can be a cheaper alternative—if your credit score is high enough. That’s because the rate for PLUS loans doesn’t depend on your score, although if there are certain adverse events in your credit history you may not be able to get a PLUS loan at all.

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Before joining Forbes, I reported for the Hartford Courant and the New Haven Register, covering breaking and local news. I'm a wealth reporter at Forbes. A Connecticut native, I studied journalism at Penn State University. Follow me on Twitter @someUser.

First Published: May 19, 2020, 3:25am
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