They sound like a good idea – parents can get Federal loans with all the great benefits that students get. In fact, Parent PLUS Loans don't offer any type of income-based repayment plan (directly) nor do they qualify any type of student loan forgiveness programs (well, once again, this is nuanced as well and we discuss below).First, there are a lot of myths surrounding what you can or can't do with Parent PLUS Loans, so let's bust those right now. Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.
No wonder we've been trusted to fund over billion in loans to date.I just published this new article which gives new details on how to lower your Parent PLUS Loan payment and even eliminate it for less than you owe using a government program.Get Out of Debt Guy - Twitter, G , Facebook If you have a credit or debt question you'd like to ask, just click here and ask away.If you have Parent PLUS Loans, you cannot: If you are on the standard 10-year repayment plan for your Parent PLUS Loan, you are eligible for Public Service Loan Forgiveness (PSLF).However, since PSLF requires 120 payments (or 10 years of payments), you'll have nothing left to forgive at the end.You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.