You may be considering a Parent PLUS Loan to pay for your child’s college education at Clemson (non-resident), Furman, or the University of South Carolina (non-resident). Take a closer look at what it will really cost you:

The Direct PLUS Loan interest rate is 7%, so let’s say you borrow $160,000. If you take 10 years to pay it off, your interest payments are $62,929 and your loan origination fees would add up to $6,841. So, borrowing $160,000 would actually cost you $229,770.

If you have time, start a Future Scholar 529 account.

For additional reading, see The Problem With PLUS: How Parents Buckle Under the Weight of College Debt by U.S. News & World Report, February 12, 2018.