Found a really good, kind of disturbing piece about Parent PLUS loans, which are the mainstay of financial aid financing for many of the conservatory schools we're all targeting. (Boston Conservatory is #4 in terms of Parent PLUS burdens, NYU is #11.)
Some things to consider: the rate is 7.9% (home equity is under 4%), obligations cannot be discharged in bankruptcy and even your social security benefits can be garnished to recover defaults. It's a truly terrible deal for parents -- and also probably dangerous for the economy as a whole. (There is no income check to qualify, so people who make, say, less than $50,000 are being encouraged to borrow up to a quarter of a million...how do we think that's going to end?)
Anyway, here's a link:
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