The 4 Best Ways to Pay Off Parent Plus Loans | Student Loan Planner

You wanted to support your child by paying a big part of the cost of their undergraduate education. After all, the Stafford loan limits only allowed your son or daughter to take out a mid-four figure amount every year. The aid office sold Parent PLUS as a source of loans from the federal government that would cover all of the cost of attendance. Maybe you haven’t thought about how you would pay off Parent PLUS loans until recently.

Unfortunately, I’ve seen plenty of families where the parent owes a huge sum of Parent Plus loans and it’s interfering with their retirement goals. If you have to pay off Parent PLUS loans after funding your child’s education, the good news is you have more options to pay them back than you think. I’ll highlight the four best strategies I’ve seen to get parents out of Parent Plus student loan debt.

I’ll highlight the four best strategies I’ve seen to get parents out of Parent Plus student loan debt. The strategies are:

Using PSLF For Parent PLUS Loans
Refinancing Parent Plus Loans into Your Name Only
Refinancing Parent Plus Loans into Your Child’s Name Only
Going For Parent Plus Loan Forgiveness as a Retiree

If You Have No Retirement Income Except Social Security, Your Student Loan Payment is Probably $0

If we were just talking about a single parent living on one social security paycheck alone, then it’s very likely the payment would have been 0.

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[LizaPierceMauiHawaii]

Thank you for informing us of the options for the Parent Plus Loans. This is helpful.

[elizabethvandermaas]

Should I pay back the extra money from the loan right away to lower the principal or would it go towards the interest? Or should I just keep it in the bank let it accrue and use it towards payment once payments are due(which is in 4yrs)?

[garyrossen]

I work in a school but I am not a teacher is that good enough for PSLF?

[EATAJR]

If you transfer it, it will change to a private loan.

[lindsaymaher]

if my parents refinance their parent plus loan into my name, and I work for a nonprofit for 10 years, would those loans be eligible for the federal loan forgiveness?

[SunnySummer]

Can the Parent legally force to refinance the PPL into the child's name??
Can the Parent "sue" the child for not agreeing to pay back or refinance?

[lisalister]

Dude - do something with your eyebrows..