It is no secret that college debt is a struggle for American students. A possibly lesser known fact is that college debt also puts a burden on a percentage of American families. Parents across the country are borrowing on behalf of their children, causing stress and turmoil for the whole family. According to a recent article from U.S. News and World Report, the government is taking note–and possibly–taking action.
“For years, lawmakers have talked about limiting parental borrowing, tightening credit requirements or even scrapping the Parent PLUS loan program completely, leaving borrowers to the private market. But those changes don’t address larger questions about college access and affordability, some experts say. Whatever their potential drawbacks, Parent PLUS loans may be the only option for many parents.”
The article goes on to explain the pros and cons of the Parent PLUS program, and what changes might be made by Congress. The article also outlines how those potential changes will affect parents and students in the future.
To read the full article, visit the U.S. News and World Report site here.