Cons: Requires borrowers to qualify based on credit and income, as well as negates some flexibility afforded by federal student loans.
Parent PLUS Loan refinancing has the potential to work especially well for some parents.
Income Contingent Repayment caps payments at 20% of the borrower’s discretionary income.
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In order to apply for a Direct Consolidation loan you should contact your student loan servicer.
Pros: Decreases high interest rates on Parent PLUS Loans.
This program allows all federal student loan debt to be forgiven after 120 payments (typically 10 years).
Many graduates on track to take advantage of public service loan forgiveness do so with income-based repayment plans.
Stay on track, and you’ll have the loans paid off in 10 years.
The only problems with standard Parent PLUS loan repayment surface when you can’t afford to make payments.But these payments may still be less than those of other options.Parent PLUS loans are eligible for Income-Contingent Repayment if they have been included in a Federal Direct Consolidation loan.Before you shoot for public service loan forgiveness, make sure you qualify.All of the rules that apply to other federal student loans typically apply to Parent PLUS loans as well.Most news about student loans focuses on struggling college graduates who can’t repay their loans. We hardly ever hear about parents who are stuck repaying Parent PLUS Loans for their children who obtained an undergraduate degree. In fact, Parent PLUS loan debt currently stands at about billion.