"Federal Parent PLUS Loan Rates Surge for 2024-25: Consider Alternatives"

With federal parent PLUS loan interest rates set to soar to 9.08% for the 2024-25 academic year, experts suggest families consider private loans, which may offer significant savings despite potential downsides like lack of forgiveness and income-driven repayment plans. Private loans can sometimes save tens of thousands over the life of a loan, but eligibility depends on credit profiles. Families should still prioritize subsidized federal loans if eligible and shop around for the best private loan rates.