https://www.usatoday.com/money/blueprint/student-loans/avera... (“As of the first quarter of 2023, student loan debt in the U.S. stands at a total of over $1.77 trillion. More than 92% of this is federal student loan debt while the remaining amount is owed on private student loans, according to Federal Student Aid (an office of the Department of Education).”).
That 92% figure is in terms of debt amount, not number of loans.
The limits you mention are per student. Parent PLUS loans are limited only by the school’s official cost of attendance: https://studentaid.gov/understand-aid/types/loans/plus/paren... (“The maximum PLUS loan amount you can borrow is the cost of attendance at the school your child will attend minus any other financial assistance your child receives. The cost of attendance is determined by the school.”). Schools are extremely aggressive about ensuring parents are on the hook for the loans so students can take out the maximum.
That’s a good point, thanks for bringing it up. It pretty much resolves the conundrum I was having in my original comment.
Small caveat (that ultimately doesn’t negate your point): PLUS loans have credit check requirements for determing eligibility[0] (with exceptions available in certain cases if you can satisfy additional requirements, like bringing an eligible cosigner who can pass the credit check).
That 92% figure is in terms of debt amount, not number of loans.
The limits you mention are per student. Parent PLUS loans are limited only by the school’s official cost of attendance: https://studentaid.gov/understand-aid/types/loans/plus/paren... (“The maximum PLUS loan amount you can borrow is the cost of attendance at the school your child will attend minus any other financial assistance your child receives. The cost of attendance is determined by the school.”). Schools are extremely aggressive about ensuring parents are on the hook for the loans so students can take out the maximum.