Parents can borrow up to the cost of education for that school year, the interest rate will be 7.7% up from 7% and the origination fee will be 4.4% and payments start immediately. Credible.com has a handy loan cruncher that will provide you with a clear breakdown on how much you will pay back for the principle and interest.
Tidbit: All the interest paid on the student and parent loans help to offset the cost of the Affordable Healthcare Act.
College Planning Services helps families minimize their need to borrow by helping them qualify for free scholarship money from the college of their choice. Please click here to request a free telephone consultation with John DeLorey.