Parents: Stop taking out parent loans for your kids’ college costs

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Mary Hunt

As a parent, you are responsible for taking care of your child, but you are also responsible for taking care of yourself. Taking out loans so that your child can enroll in the college of her dreams may sink your dreams of ever retiring.Contrary to the advice you will get from many financial aid officers, parents should not borrow money to pay for their kids’ college educations.Locking eyes with that first financial breakdown for your son or your daughter’s first semester will be painful — even if he or she is attending a public college. If you opt to pay for some or all of the cost of college, at the very least you’ll be paying several thousand dollars per year. It’s not cheap.Ways parents borrowSadly, there are a number of ways that parents can sink their own financial ships by taking on debt for their children’s education. The most common is taking out student loans — Parent PLUS Loans. The problem with that? The federal PLUS loan program allows parents to borrow far more than they can comfortably — or ever — repay!Some parents take out private student loans, usually …

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