It depends on the specifics of the situation. Under many circumstances, it may be more advantageous for the student to take out the loan. Federal student loans often come with lower interest rates than Parent PLUS or private loans, and students may also qualify for loan forgiveness programs depending on their profession. Moreover, students can have access to alternative repayment plans based on their income.
But in certain situations when the student can't qualify for enough aid on their own, it might make sense for a parent to take out a Parent PLUS or private loan. Keep in mind that parents are fully responsible for repaying Parent PLUS loans. Always consider your family’s total financial situation, including each person’s ability to repay the loan, before making this decision.