#college loans for parents
College Loans for Parents of Students
Most parents would do anything to help their children succeed. They put the needs of their kids first from they day they’re born all the way through when it comes time for the kids to go to college. And when that time comes and a child doesn t have enough money to pay for school, parents might be willing to ask for help on behalf of their children by signing up for parent college loans.
The name of these loans can be confusing, as they sometimes seem to imply that parents are heading to school to get their own degrees. In reality, when experts discuss college loans for parents, they re typically discussing loans that parents take on so their children can enter a school. The parent might never set foot on a college campus, but the debt from that experience is the responsibility of the parent.
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Reports suggest that a large number of parents are willing to take out loans in order to help their children.
In an article published by The New York Times . for example, the author suggests that over 2 million people 60 and older had taken out a federal student loan. The reporter is quick to point out that the federal government doesn t differentiate personal loans from parent loans for college tuition, so it s quite possible that this figure includes a few parents who were heading back to school on their own. The majority of these borrowers age 60 and over, however, are likely parents borrowing to help their children.
College can be remarkably expensive. and many students struggle to get the loans they need. They don t have long credit histories or multiple assets, so they don t qualify for a large number of traditional loans, and some parents shudder at the idea of saddling a child with a mountain of debt that can t be repaid with ease. Rather than sending these children into part-time employment, and perhaps lengthening the amount of time they ll need to stay in school, these parents take out student loans for their children, providing them with the boost they ll need to make ends meet.