Comments on: Parent PLUS Loans: How They Work, Loan Forgiveness, And More

By: Robert Farrington

Robert Farrington — Mon, 01 Jul 2024 15:00:57 +0000

In reply to Lucky. Yes, you can consolidate immediately to make them eligible for repayment and PSLF.

By: Lucky

Lucky — Sun, 30 Jun 2024 12:31:06 +0000

I have a Direct Parent Plus loan in Post-Enrollment Deferment – can I consolidate that loan now or do I have to wait until the deferment ends?

By: Erica Crescenzo

Erica Crescenzo — Wed, 30 Aug 2023 16:09:03 +0000

In 2005, I was convinced to take out a parent plus loan. I called the school, she asked for my husband’s information. I gave it and asked if she needed mine. She said, “Let’s see if it goes through.” It did. She said, “I’ll send you a form to sign electronically and you can just type his name and your student will be all set.” He never signed anything. Still paying, and the debt has been sold many times and now the interest rate is ridiculous. We are both retired. I worked for a low income school district for 15 years, but they said it doesn’t count because my name isn’t on the loan, but they count my income! What a racket.

By: Steven G

Steven G — Thu, 13 Oct 2022 02:36:08 +0000

I wish I read all of this before I sent three kids to out of state school.
Now $397,000 later and I am 57 years
What’s next?

By: Sarah

Sarah — Fri, 13 May 2022 17:05:19 +0000

In reply to Robert Farrington. They are aware. She had been paying for the last several years, but now realizes this is his debt, not hers, and that she will never be able to move forward in life with six digit debt. I counseled against taking the max amt. of loans, which was ignored, and I've counseled against defaulting for the reasons in the article. He never has been fiscally responsible. I helped him pay off $20k in bad debt when we married, and did the finances throughout our marriage. He has a "grand plan" of having him file bankruptcy and claiming undue hardship due to the divorce and being fired from his job. He got fired for cause, and hasn't tried to find work in his field, but instead opened a company in a field that he has no education or experience in. I'm sure he isn't keeping accurate books (has no business acumen), so who knows what he'll show up to bankruptcy court with.