07-24-2009, 03:13 AM
Here is another option that I just heard about today, so I don't know enough yet to recommend it or not:
http://studentaid.ed.gov/PORTALSWebApp/s...tloans.jsp
It sounds like it's a federal loan program for parents who need money to cover the difference between their undergraduate child's financial aid and the cost of college. If I understand it correctly, you can also apply for a loan deferment, which will postpone payments until after graduation. The financial aid person I spoke with said the interest rate is 6% fixed, but that doesn't agree with the info on the web site.
http://studentaid.ed.gov/PORTALSWebApp/s...tloans.jsp
It sounds like it's a federal loan program for parents who need money to cover the difference between their undergraduate child's financial aid and the cost of college. If I understand it correctly, you can also apply for a loan deferment, which will postpone payments until after graduation. The financial aid person I spoke with said the interest rate is 6% fixed, but that doesn't agree with the info on the web site.