Reuters – Liz Weston
“Parent education loans can help your child attend the college of her dreams – and sink any dreams you had of ever retiring. The grim reality is that the federal PLUS loan program allows parents to borrow far more than they can comfortably, or even ever, repay. PLUS loans let parents (and graduate students) borrow up to the full cost of an education. There is only a basic credit check and no underwriting to determine whether the borrower has the income or ability to repay the loans. The vast majority of parents do not borrow nearly as much as Democratic president hopeful Martin O’Malley and his wife, who said they have borrowed $339,200 to educate the first two of their four children, or Republican presidential candidate Scott Walker, who has borrowed between $100,000 and $120,000 for his two sons who are still in college, according to recently filed financial disclosure forms.”(more)