are parents responsible for student loans

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  • Can a parent get a student loan for a child?

  • Federal parent student loans Federal parent student loans, also known as Direct PLUS loans, are loans taken out in a parent’s name on behalf of their child. They’re similar to federal student loans for students, but they have less flexible repayment terms and the interest rates are typically higher.

  • What is the interest rate on student loans for parents?

  • Undergraduates who take out a student loan between July 1, 2018 and July 1, 2019 will only have a 5.05% interest rate while parents who take out a Direct PLUS loan will have a 7.6% interest rate. This makes taking out a loan on behalf of your child more costly than letting him or her take out a loan independently.

  • Do parents have a legal duty to pay for their child’s College?

  • Parents do not have a legal duty to pay for their child鈥檚 college鈥攚ith one exception. Recently, there鈥檚 been a lot of debate over whether parents should be responsible for their child鈥檚 postsecondary educational expenses.

  • What happens if a parent doesn鈥檛 contribute to the FAFSA?

  • Since the FAFSA takes the parent鈥檚 assets and income into account when determining the student鈥檚 eligibility for aid, the student might not have access to grants or federal loans even if the parent isn鈥檛 contributing anything toward his or her education. In this case, the student might have to resort to private loans, which are much more expensive.

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