Parent Plus loan was originally taken at 23,000 now at 39,000. I am 67 and would like to make good on original loan at 23,000 but can’t afford 39,000. I’m in kind of unfair situation as I’m divorced from father and loan is in my name only.
Is there any hope for upcoming breaks for those with unmanageable Parent Plus Loans…other than those currently available? They may make more money in the long run.
A Parent Plus loan is the liability of the borrower. In this case, it appears to be you.
There is no dramatic settlement opportunity for federal student loans. However, you can:
This approach should lower your monthly payment and keep you out of default to avoid a Social Security wage garnishment. It will not eliminate the loan.
If you would like to estimate what your new payment might be, use the Repayment Estimator.