Think Twice Before Borrowing for Your Kid’s College

Sixty-year-old Pamela Last doesn’t have a college degree — but she has roughly $200,000 in student debt. Like a growing number of parents, Last took out federal parent PLUS loans to help her now-26-year-old daughter, Reannan, pay for school at the University of California, Santa Barbara. Last’s debt started at around $30,000, but it ballooned after she deferred payments for months while interest accrued. It “looms over” her head, she says. And when she asks the company that services her debt for advice, she says she gets different answers from different people. She’s not the only one who’s frustrated. About 64% of student loan complaints to the Consumer Financial Protection Bureau from borrowers age 62 and older involve dealing with a lender or...

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