Laid off and can't pay for college? Don't get a Parent PLUS loan!


What happens if you're laid-off and can't come up with the money to fund your kid's college tuition? Money has this horrible, horrible advice:

If your child has an aid package and you've been laid off since it was awarded, petition the school for more help this semester; otherwise, get a PLUS loan, which costs 7.9% or 8.5% and can cover the gap above Junior's earnings.

The first part's great: If you can convince the school to give you more money, you absolutely should. But with most private college endowments taking a beating while public colleges face the specter of budget cuts, this might fall on deaf ears. It's still worth a try though!