November 1, 2018
This topic will be full of questions. It is my first post so forgive me if I am doing this the incorrect way (asking for advice). My current situation in a nutshell…
I have 3 years of Parent PLUS loans for a junior in college…graduating in 2020. I have a daughter who will be first year in 2019. I plan on taking out Parent PLUS loans for whatever they cannot get a loan for themselves (Direct/Federal Sub/unsubsidized).
I am disabled. I collect SSA and have been disabled since 1999. I do work a 6.5 hours a week in a public school kitchen/cafeteria (way below threshold for ssa) My husband works for a board of education / pubic schools as a plumber for the school facilities.
The PLUS loans are/will be in my name b/c we need to purchase / rent(?) a home in 2019. Avoiding having those appear on my husbands credit report
We currently file Married Jointly and I understand I need to change that next year to Married Filing Separate so that if/when I consolidate my income is close to $0.?????
when my son graduates in 2020….I will need to consolidate so that I can take advantage of the repayment options. Correct? OR
since my husband works in public service does that count towards PSFL? BUT do the loans have to be in his name? PSLF only applies to those who work FT?? (my 6.5 hours/week won’t cut it)?
I definitely have to change our filing status if I end up consolidating and requesting IBR.? (is IBR even the correct program I need to look into?) my income will look to be close to $0
What if I look into forgiveness thru disability…..can I still apply for my daughters PLUS loans if I begin the disability forgiveness process after my son graduates?
I am trying to figure out …. my kids will be in school for one year at the same time. Come 2020 my son’s loans will become active/off deferred status. so my daughters second year of school….I want to make sure I can get a student loan for her.
I am assuming the way I handle my sons loans cannot affect how to continue getting PLUS loans from years 2020-2023
(does any of that ^ even make sense?) . I am trying to have a plan in place for the next 4-5 years
Thank you in advance
May 3, 2014
I’ll just jump into your questions in order:
– To have only your income count in the income driven calculation, you must file taxes separately
– You need to go through federal direct consolidation in order to sign up for Income-Contingent repayment, which is the only repayment plan based on income available for parent PLUS loans
– For PSLF eligibility, please check out this article: https://studentloansherpa.com/public-service-forgiveness-parent-loans/ (and you are correct, you need to be full time to qualify for PSLF)
– I’m not sure how the government would handle issuing new loans if you are applying for disability on your current loans
I’d suggest two phone calls
1) Have a conversation with you loan servicer to talk through your strategy and options. The loan servicers can occasionally be wrong about things, but they can also be a helpful resource.
2) Talk to your schools’ financial aid offices. They should be able to help you maintain eligibly for Parent PLUS loans.
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