Parent PLUS loans have special rules and limitations, but many great resources are available to keep debt manageable.
Written By: Michael P. Lux, Esq.
Did you know?
Parent PLUS Loans are issued to the child and not the parent.
This means that the child has no legal responsibility to repay the debt, and it only appears on the parent's credit report.
If the borrower or the child for whom the loan was borrowed dies, the debt is eligible for immediate discharge.
This protection isn't something families want to think about, but it can become really important if tragedy strikes.