Help! My Child Isn’t Making Parent PLUS Loan Payments
If your child isn’t making the Parent PLUS Loan payments they promised, things can get ugly. Responsibility for paying the bill is complicated.
If your child isn’t making the Parent PLUS Loan payments they promised, things can get ugly. Responsibility for paying the bill is complicated.
Repayment options for Parent PLUS loans include income-driven repayment plans, loan forgiveness, and refinancing.
Parent PLUS loans are legally the responsibility of the parents, but there are many different ways children can help with repayment.
It is possible for Parent PLUS loans to qualify for Public Service Loan Forgiveness (PSLF), but borrowers have to jump through some hoops.
Repayment of student debt is difficult if you are living on social security. However, low payments and student loan forgiveness are both possibilities.
Borrowers should almost always choose federal student loans over private loans. However, a private loan might work better than a Parent PLUS loan in some circumstances.
Parent PLUS loans work differently than all of the federal loans. Families should understand all of the pros and cons before signing up.
If you manage your Parent PLUS loans wrong, it could result in permanent double payments for all of your federal student loans.