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Consolidated Parent PLUS Loans - Any "Outs"
December 13, 2017
9:28 am
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zoomzoom
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I currently have two Consolidated Parent PLUS loans as I had children at different schools. First, $71K balance is under Income Sensitive Repayment, $300/month with Navient. Second, $19K balance is under Graduated Repayment Plan, $115/month with Great Lakes.

Initial loans taken out 2001 – 2006. I was okay with repayment expectations until I was forced to retire in 2008. To make matters worse, soon thereafter my pension was significantly effected due to company bankruptcy issues. Above monthly amounts together now represent almost 25 percent of my current monthly pension income. I have been tax filing as Married, Filing Separately as my wife never co-signed any loan documents. I have not begun Social Security yet. I am currently age 63.

My wife is providing most of the family support but she will be retiring soon and Social Security will represent probably 85 percent of her total income when she retires with a small pension representing the balance.

Do I have any “outs” to these loans? I just don’t expect to be able to afford these going forward. I had periods of forbearance before going onto the above repayment plans…..kinda forced to leave forbearance in my opinion by the servicers.

December 13, 2017
12:53 pm
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Indiana
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Forum Posts: 328
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May 3, 2014
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My first thought would be that you can change the second one to an income driven repayment plan as well. By having one payment on graduated and one income-driven, the end result is a higher monthly payment.

The only “outs” that I can think of would be lower payments as your income goes down (many retirees living on just social security can have $0 monthly payments). Once you have been on the payment plans for 25 years, the balance of your loan can get forgiven.

One tool that is helpful for looking at our options is the student loan repayment estimator. It can be found here: https://studentloans.gov/myDirectLoan/repaymentEstimator.action

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