If a parent can't afford to pay anymore plus loans and their student is only in the second year of college what are the options? Financial aid has been used but is not enough to cover the cost of college, should the student use a private loan with the parent as a cosigner, or should the parent take out more plus loans and have the student pay the loan payment? What would be financially wise for both student and parent?

Hello, plus loans are easier loans to repay but if you don't want more debt under your name you may want to go the private loan route that has a cosigner release option after so many on time payments. Plus loans and private loan payments can be deferred while in school, so either way no payments would be required. If you trust that your child is responsible enough to pay on the plus loans I would do that, if not, definitely do the private loan with cosigner release.

Thank you so much for the advice. I did not know there was a cosigner release loan available. Thank you for the info.