In this economy, the mere thought of trying to figure out how to get kids through college is especially daunting. For moms who have to confront this concern right now, Suze Orman, one of the nation's top financial advisors, suggests something called a Parent Plus Loan.
This is a loan that lets parents take the weight, so to speak, and put kids through school on a loan in their parent's name instead of their own. Recent changes brought on by the economy are
actually favorable for borrowers; now, you do not have to pay the loan
back until after the student has graduated. Also, the interest rate is
With a Plus Loan parents can borrow the total cost of undergraduate education including tuition, room and board, and any other eligible school expenses.
No, it's not a free ride, but it can surely take a lot of stress out of trying to figure out where college money will come from. If you'd like to compare notes with other mothers who may need or have loans, join the public the group Moms of College Kids.
Do your college kids get financial aid or loans?