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Parent PLUS Loans

It has become common practice for parents to take out loans to finance the college costs of their children. A Brookings Institution report stated that over 3 million people owe almost $90 billion in parent PLUS loans. It has been noted that some parents even go as far as taking out these loans for their multiple children thereby increasing their debt. Nowadays, the eligibility for these loans has expanded so even parents who have poor credit scores can get approved.