When Julie Wake and her husband put their first three children through college, they encouraged them to prioritize the quality of the education over the price.

Money mattered, but each of their children had taken steps to lower costs by earning college credits in high school and securing scholarships. Still, all needed help with expenses.

The Wakes turned to Parent Plus loans, which at the time allowed parents of undergraduates to borrow up to the full cost of attendance from the federal government.

The loans were vital for their daughter at Penn State University, where out-of-state students are charged nearly $60,000 a year for tuition and housing - well above the annual borrowing limits the federal government sets for students. She wanted to leave their small town of 1,300 people in M

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