Generally, it’s best for the student to get a loan for college, especially for federal student loans, which are generally the best type. Federal student loans have better rates, terms and more flexible payment plans than federal parent loans do.
For example, the student versions are eligible for various income-driven repayment plans. In contrast, Parent PLUS loans can only apply for an income-driven repayment plan after consolidating the loan first. However, a parent loan can help cover remaining financial gaps after the child has exhausted all federal student loan options.