Dear Roadie,
Our daughter just got into her dream school — and it’s a big name. We’re thrilled for her, but the financial aid offer fell short. To make up the difference, we’d have to take out a Parent PLUS loan … to the tune of $50,000. My husband is 52, I’m 50, and we still have a mortgage. I want to say yes because she’s worked so hard for this, but I also don’t want to be paying off this debt when we’re supposed to be enjoying retirement. What should we do?
— Torn in Tennessee
Dear Torn in Tennessee,
First off, take a deep breath and celebrate. Getting into a dream school is a big deal — for your daughter and your whole family. Now, let’s talk about the part that’s a little less dreamy: how to pay for it.
Parent PLUS loans are easy to get. Maybe a little too easy. Currently, there’s no cap on how much you can borrow — just the full cost of attendance minus any aid received. (However, the loans will be further capped starting for the 2026-27 academic year.) And while the idea of helping your child reach their full potential is noble, these loans come with some not-so-noble fine print: high interest rates (currently over 8 percent), immediate repayment (unless deferred), and no forgiveness unless you qualify for certain programs.
So, should you do it? Maybe. But only after asking yourself — and your child — some honest questions:
Can you truly afford a Parent PLUS loan?
Here’s a gut-check: If you lost your job tomorrow, could you still make the loan payments without derailing your retirement or needing to borrow more? Parent PLUS loans are in your name, not your child’s. They don’t go away in bankruptcy, and they could delay not just your retirement, but your financial security.
If the answer is “not comfortably,” you’re not alone — and it might be a signal to pause.
Will the degree lead to a strong ROI?
We’re not saying everything boils down to money. But if you’re investing tens of thousands of dollars, you deserve to look at it like any other investment. Does this school offer a clear advantage in terms of career placement, internships, or alumni networks? Will your child graduate with a degree in a field that tends to pay off — or one that’s oversaturated and underpaid?
A great education doesn’t always require a fancy name on the diploma. And a “dream school” that leads to debt regret isn’t much of a dream at all.
Can you meet in the middle?
Talk to your daughter. Would she consider a more affordable school with strong academics and less debt? Could she start at a community college or state school and transfer later? Would she be willing to work part-time, apply for outside scholarships, or take out more student loans in her name instead of yours?
The dream isn’t lost just because the funding source changes.
College is a teachable moment — not just for your child, but for your family’s values. By saying “no” to debt that could hurt you later, you’re modeling something powerful: financial boundaries, long-term thinking, and the idea that love doesn’t have to mean sacrifice at all costs.
The bottom line is this: Take out a Parent PLUS loan only if you’ve run the numbers, talked through all the alternatives, and you’re 100 percent confident it won’t wreck your future. If you’re still unsure, consider having a financial aid advisor or college planner walk through the options with you.
It’s okay to want your child to soar — but you don’t have to strap on the parachute yourself.
Got a question for Dear Roadie? Drop it in our Paying for College 101 Facebook group. You just might see it answered next.
_______
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Other Articles You Might Like:
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Parent Plus Student Loan Guide: How They Work; How to Get Them
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