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Loans for Parents
You might have thought orthodontics were expensive, but post-secondary education will be by far the biggest expense your family will face. Most students today are unable to pay their entire costs of education because of the prohibitively high tuition fees. As a parent, you can choose to help your child through this financially difficult time by funding part of all of your child's education.
The American government offers a federally funded Parent Plus loan for parents whose children are undertaking college or university. With this loan, you can borrow money to cover all of the costs of your child's education. (If your child is also getting a school loan, this loan will cover the remaining expenses of school, including living expenses, books, tuition, transportation, and other costs.) This loan is generally paid back within a ten-year period. You can choose to make equal monthly payments or graduated payments, where you increase your payments later in the loan period to complete paying the loan (often still within the ten-year period).
As with many other types of student loans, payments for this loan can be deferred until your child has completed his/her degree. The Federal Parent Plus loans are available through a variety of lending institutions. They are available to US citizens who have dependent children working toward an undergraduate degree.
Parents can also get loans for their children who are attending private schools between the ages of kindergarten and grade twelve. Parents might also be able to help their children with scholarships if their workplace offers scholarships and bursaries to employees and family.
