Many parents are taking out massive federal loans of $50,000 or more to send their kids to these colleges. Is your alma matter or kid's top pick among them?
Parents are borrowing more than ever to send their children to college. Last year, one out of every four dollars in federal loans given out for undergraduate education went to people paying for a kid or grandkid's studies through the federal Parent PLUS loan program, with an average loan of $16,305—two to three times the maximum amount that traditional students are allowed to borrow in a single school year.
Over four or more years of college, the size of these parent loans often reach staggering amounts. An exclusiveanalysis of federal data on PLUS loans has identified more than 150 schools where the median amount that parents borrow while their child is in school exceeds the maximum $27,000 that traditional undergraduates are allowed to borrow. The typical loan at the 50 schools thathas identified where parents borrow the most starts at nearly double that amount: $50,190.
How do the numbers get so big for parents, compared to their kids? Unlike the low annual caps placed on loans to undergraduates, parents are allowed to borrow up to the full cost of attendance each year minus any financial aid the student receives. That can add up quickly, considering that the typical four-year public institution cost $38,640 last year, including tuition, fees, room and board, while the tab hit $50,770 at the average private college or university.
Those private schools dominate the list of colleges where parents borrow the most, accounting for 46 of the 50 academic institutions named. Only one school on the list is a public college, Citadel Military College of South Carolina, and the remaining three are for-profit institutions. Worth noting for families with a student interested in the arts: Eight of the colleges in the top 50 are art schools, with six of them landing among the 10 most expensive schools in terms of PLUS borrowing, led by Pratt Institute in Brooklyn, New York and Ringling College of Art and Design in Sarasota, Florida.
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