NASFAA Mention: Parent Plus Loans Are Burying Families in College Debt

"Jay Rife was sitting in his pickup truck on the outskirts of Las Vegas when he answered a phone call that would permanently alter his life. A man from the federal government was on the line and told him that the loan he had taken out so his son and daughter could go to college had come due. The monthly payment was $1,200," NBC News reports

..."There is currently no limit on the amount parents can borrow, as long as the money is used for college-related expenses.

'We’ve set parents up for a disaster when they are trying to do the best for their kids but end up in financial crisis,' said Justin Draeger, president and CEO of the National Association of Student Financial Aid Administrators. 'We’ve now saddled many parents with unmanageable amounts of debt.'”

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.


Publication Date: 11/19/2020

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