The Subprime Loans for College Hiding in Plain Sight

"If you want your kids to go to college but you can’t afford the bills, the federal government has a deal for you that will blow your mind. You can borrow the entire cost — minus any other aid your child receives — through something called a Parent PLUS loan. Moreover, your income — and thus your ability to repay the debt — doesn’t matter. As long as you don’t have one of a handful of black marks in your recent credit history, you can borrow six figures even if your take-home pay puts you below the federal poverty level. This is totally bananas. But don’t take my word for it," The New York Times writes

... "'It’s gone completely off the rails,' said Justin Draeger, the president of the National Association of Student Financial Aid Administrators."

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Publication Date: 9/17/2022

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