Question: Dear Steve, Parental loan through Great Lakes for the Art Institute We were told that when our daughter turned 23 this loan was transferable to her. we are retired and come to find out it was not transferable, anything that can be done since the Schamberg Art Institute lied to us? Karen Answer: Dear … Read more
Question: Dear Steve, My fiancés dad took out parent plus loan for him when he was starting college. At the time he emailed my fiancé and asked him to promise to pay the loans back in 10 years after graduation and defined what the amount of payments per month would look like. My fiancé agreed … Read more
Question: Dear Steve, I graduated from the University of California, Irvine in June of 2016 with a BA in Education. I now work full time as a Director for an after school program, earning roughly $1800/month. I took out loans for my education, which I am now paying back ($176/month), and my mom took out … Read more
Question: Dear Steve, The Parent Plus loans for my daughter’s undergraduate education will be coming out of deferment soon, and my husband and I already know it’s going to impossible for us to make the payments in any way but the ICR plan, which means of course, we would have to apply for a Direct … Read more
Question: Dear Steve, Mom passed away unexpectedly last week, we live in the state of California. My brother went to college in Savanah. My Mom had 100+k for my brothers school in parent plus loans. I just found out because my stepdad consigned the loans but has almost not income to pay for them. It … Read more
Question: Dear Steve, I have a FFEL consolidation loan for my son’s education that began on 1/2005. Every payment has been made on time to this point. I qualify for the Public Service Loan Forgiveness program as I work for the public with people with disabilities. I found out that because I don’t have a … Read more
I came across an interesting statistic while working on another piece. According to Fannie Mae, “the average homeowner with co-signed student loans has a balance of $36,000 and those with Parent Plus loans hold an average balance of $33,000.” Now put that into context with this guest post below by Richard Fossey. More than three … Read more
Question: Dear Steve, Seven FFEL Plus Parent Consolidated into one Loan now around $85,000. Don’t Qualify for IBR because they’re Parent Loans (thanks, Mom!). Don’t qualify for Deferment because I’m no longer employed. 2016 AGI $1,276.00 (small pension expires in 2020). Navient payments 257 months of $682.00 ending when I am 91 years old. 800+ … Read more
Question: Dear Steve, I have a balance of approx. $35,000 of parent plus loans that I have taken for three children in college. Interest rate is 8.125%. Balance does not move much due to daily interest. Should I take a 401K loan to pay off. I am 57, I’ll be dead and gone before this … Read more
Question: Dear Steve, I have 4 kids, 2 graduated from college, 2 in college. Parent plus loans for 2 older kids are due and more loans on the younger 2. The monthly loan repayment is more than we can afford. We both work in the public school system. What can we do to reduce the … Read more
Question: Dear Steve, Recent grad. Loans are coming up. Consolidated my loans, and mom doesn’t know I took out loans in her name (13,000). Need help figure out which plan is best to repay hers so that she won’t find out and possibly kill, sue, or stab me. Have a few questions on what am … Read more
Question: Dear Steve, My son went to West Coast University and graduated and now is an RN for Kaiser. When he initially applied, I was told that he did not qualify for a student loan due to him being 21 and living in my home. They advised that I take out a Parent Plus Loan … Read more
Question: Dear Steve, When I graduated high school, I was pushed to attend the best school I could find, and not worry about the money. I was 18, of course I was going to do whatever my parents told me to do. I was told there are plenty of loans, grants and other options to … Read more
Question: Dear Steve, We have a Federal Consolidation PLUS loan for putting our two kids through college. Original total loan amount was $118,000. Unfortunately at the same time the payments were to begin, in 2008, my husband lost his job. It was the financial meltdown and he worked at Fannie Mae. Terrible times for several … Read more
Question: Dear Steve, The Financial Aid dept. at Lincoln Collage of Technology, Indpls, In., at the time of meeting regarding a parent plus loan, would not take my husbands financial info as “he was not present at that meeting” , but only took mine (the mother), and I hardly made anything at my MLM business … Read more