Federal student loan interest rates have surged to their highest levels in over a decade, posing yet another challenge for Missouri students and families navigating paying for college. The delays in the FAFSA application process are adding to the stress, leaving parents and students scrambling to find the best way to cover the rising costs of college. According to Brian Walsh at the personal finance company SoFi, it’s essential for Missourians to make informed decisions about their loans and overall financial planning for higher ed.
One important decision is whether to take out loans in a parent’s name or in the student’s name with a parent co-signing. Walsh says this choice is crucial, because it determines who is responsible for the debt. With rising interest rates, more families are carefully considering their options, as the costs and responsibilities can vary greatly.
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