The number of parents borrowing PLUS Loans has ‘s launch, according to President Michael Sorrell
Other HBCUs have employed their own strategies to reduce student debt. In 2015, Paul Quinn College implemented a work-study model.
In addition to institutions trying to lower college debt, the nonprofit United Negro College Fund reported that this year alone, it is providing nearly $100 million in scholarships to more than 7,200 students of color. Not every student wins a scholarship, though.
Loans are almost necessary without any scholarships, but students and their families have to shop around to find the best loans for them, said Brian Bridges, UNCF’s vice president of research and member engagement.
Parent PLUS Loans are an essential college financing option for some students and parents that can be improved; however, the program must be repaired, not repealed, Bridges added.
The program is doing a huge disservice to students of color and families of color when we’re saying that they can borrow however much they want, said Colleen Campbell, director for postsecondary education at the liberal think tank American Progress.
If a family can only contribute $5,000 to their student’s education in a year, Campbell said, that’s probably the amount you should allow them to borrow.
How to use parent loans safely
For families that have used the federal Direct PLUS Loans, or are considering the loan, experts offer advice about how to navigate the process and make decisions appropriate for their specific case. Continue Reading