Nearly one in three parents who took on student loans for their kids admit that if they could do it all over again, they’d ask their children to rethink their education plans. PennyGem’s Johana Restrepo has more.
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00:00Nearly one in three parents who took on student loans for their kids admit that
00:09if they could do it all over again, they'd ask their kids to rethink their
00:13education plans. Parent PLUS loans are more expensive because they carry higher
00:18interest rates and other fees. Three in ten Parent PLUS borrowers surveyed for a
00:23Harris Poll study done on behalf of NerdWallet say they wish they'd borrowed
00:28less money. NerdWallet also points out that some parents see loans as the only
00:33way their kids will get an education. Plus, some expect their kids will
00:38eventually take over the payments, but many haven't. More than one in four
00:42Parent PLUS borrowers say they won't retire as expected due to these loans
00:47because those who carry debt into their latter working years have trouble saving.
00:52Parent PLUS borrowers only really have one income-driven repayment option
00:57called Income Contingent Repayment. As student loan relief from the pandemic
01:02comes to an end on January 31st, Forbes recommends looking into options like
01:07student loan refinancing, income-driven repayment plans, and public service loan
01:13forgiveness programs.