Paying the Price: Are Parent Plus Loans a Smart Choice?

For the 2023-2024 academic year, the average cost of college, per year, came to $11,260 for public colleges, if the student lives in-state, and $41,543 for a private university, according to college data.com. When you factor in room and board, those figures almost double at some institutions.

These staggering figures leave many families to fret and wonder if they can possibly pay for higher education.

Hi, I’m John Gigliello and you are listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.

Today, we are going to talk college planning, specifically about Parent PLUS Loans – which are just one option when it comes to paying the price tag of a college education. We’ll explore the pros and cons with our guest speaker and resident expert on all things college planning – Mike Whitney.

Mike is a CERTIFIED FINANCIAL PLANNER™ who works as a financial paraplanner at Albany Financial Group. He helps families with college planning issues, as part of their overall financial plan, and has published white papers on the subject.