I am a single mother and a NYC public school teacher who is retiring this June. I am 62 and I have been taking out Parent Plus loans and will have to take out more until my daughter graduates from nursing school in December 2016.
My estimated Parent PLUS Loan will be around 70 max. by the time she graduates. Is there any way I can make make the loan monthly payments smaller, in the future. Should I refinance my loan through a bank or is there a way to consolidate them and make them much smaller payments per month? Also, is there any way they can be forgiven? Thank you!
I just wrote this article specifically for you. See The Best Way to Lower Parent PLUS Loan Payments.
A certain way to make the loan payments smaller is of course to stop taking out these Parent PLUS Loans and let your daughter take the loans out in her own name.
Please post your responses and follow-up messages to me on this in the comments section below.