A Direct Consolidation Loan that includes parent PLUS loans only qualifies for the least generous income-driven repayment plan, ICR (see above).
Refinancing is another option available to you — refinancing your parent PLUS student loan could get you a lower interest rate and potentially save you thousands of dollars.
Parents can borrow Parent PLUS loans to pay for the education of their dependent children.
My husband and I will borrow Parent PLUS loans next year for our daughter's college (unless she runs off to Uruguay, which is distinctly possible).
Refinancing your PLUS loan in your child’s name lets you off the hook as the parent — however, you could also co-sign the newly refinanced loan with your child in order to help them potentially get a lower interest rate.
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Supported browsers: The latest release for Microsoft Internet Explorer, Google Chrome, Apple Safari, and Mozilla Firefox.If you'd like to stay posted on all the latest get out of debt news and scam alerts, subscribe to my free newsletter.If you’re a graduate or professional student with a PLUS loan, you can take advantage of a grace period, which means you don’t have to make any payments while you’re enrolled in school at least half-time, and for an additional six months after you graduate or leave school.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.
While deferment can give you a little more time to get your affairs in order (you are not required to make any payments during your grace period or deferment period), remember that interest on PLUS loans Just like with any other federal loans, you do have the option to consolidate your parent PLUS loans through the Direct Consolidation Loan program.