NY Biker, can you get the Parent Plus loan? My first kid wasn't offered this option and we got a private loan in her name to cover the extra that the fafsa didn't get for us. Unfortulately the interest rate ended up being way more that we could figure on at first and we are going to be helping her pay this. Any loan you can get from the Fafsa in a fixed rate loan and usually has better terms. I didn't want the loan to be in mine and my husbands name and not in my child's name, but the interest rate is a whole lot better. we will have to work with this 2nd child that we are getting the parent plus loan for, to have him help pay it back since it is saving him money in the long run.