In many cases, parents and students share the responsibility of footing the bill. About one in four parents borrow for college. Children are in their third year of college or higher. Children live at school.
Children attend high-tuition institutions.
Families do not belong to minority groups. Parents who borrow money are more likely to use Federal PLUS loans than any other form of credit, with 44 percent turning to PLUS loans as a financing strategy. Seventeen percent use second mortgages, and 11 percent take out other types of loans. Get answers to frequently asked questions about PLUS loans. For PLUS loans, a lender will deduct origination and guarantee fees of no more than 4 percent from the proceeds of the loan.