Home > Tag Archives: Parent Plus Loans

Tag Archives: Parent Plus Loans

Should I Get a Loan to Payoff My Parent Plus Loans?

Drowning swimmer

Question: Dear Steve, I am retired from one job after 31 years, with a pension and aprox.$90,000 in parent plus loan debt. I have not consolidated it but wonder if it’s time. I am paying the lowest amount allowed and am job hunting. I viewed the video by the other debt adviser which is why I’m asking you. Would a ... Read More »

    Should I Cash Out Retirement to Pay Parent PLUS Loans Off?

    bad decisions

    Question: Dear Steve, Single 60 year old woman with parent loans of $60000- 8.5%- since getting divorced have been unable to pay – loans in deferment Does it make sense to take money out of my retirement funds ($80000) to pay off the loans at this point? I am unable to save for retirement now but I don’t see any ... Read More »

      I Can’t Afford to Pay My Mom’s Parent PLUS Loan for My Education

      Skidding

      Question: Dear Steve, Hey there, so my stepmom took out a parent plus loan to the tune of $100k to pay for my tuition. Obviously, I’m the one stuck with that bill now. She makes about $18k per year so she can’t pay it nor can she help me pay it. The curveball here is my Dad. My Dad makes ... Read More »

        My Step-Son Killed His Father and His Mom Cosigned His Student Loans

        mans hands behind bars in jail or prison

        Question: Dear Steve, Step-son that is SSI disabled for 3+ years with Mental Illness, Maternal Mother, My wife, co-signed student loans for him. He is now in Jail for murdering his paternal father and will end up in jail or an institution for the rest of his life. My step-son’s never paid any of his loan payments only my wife. ... Read More »

          Why Can’t I Put My Parent PLUS Loan in an Income Based Repayment Program?

          checking-account-overdraft-fees

          Question: Dear Steve, I have significant student loan debt and applied for IBR and was denied, due to there being a PLUS (parent) loan in my record. I did not participate in anyway in the creation of any PLUS loan. My suspicion is that it was created fraudulently using my identifying information from when I co-signed on a loan for ... Read More »

            How Can I Payoff Massive Parent PLUS Loans My Mom Can’t Afford?

            tax_audit_questions1

            Dear Steve, My situation is similar to those asking about student loans and repayment. My Mom had to take out parent plus loans under her name to help me with school. We both understand the responsibilities we have. However, she can barely afford to pay for her rent and food on the money she makes. Therefore, I’m the one making ... Read More »

              Can We Release the Cosigner on Our Parent PLUS Loans?

              Student Loan Corkboard Concept

              “Dear Steve, My husband took out several Direct Parent Plus loans for our daughter’s education (federal loans). Because his credit wasn’t the greatest my father-in-law endorsed those loans. Now that my daughter has graduated we consolidated those loans. We only make about $60,000 a year between the two of us so we need a repayment plan with low payments. We ... Read More »

                The Best Way to Lower Parent PLUS Loan Payments

                Moving Up

                Parent PLUS student loans sure seem like a financial death trap. Parents are encouraged to jump into them to help pay for school by taking out Parent PLUS student loans, and they think they are doing a good thing, but is it smart? What a Parent PLUS Loan Is For those that might now be aware, a Parent PLUS student ... Read More »

                  How Can I Transfer My Parent PLUS Loans to My Son?

                  Signs, Road Stencils

                  “Dear Steve, I have several parent plus loans that I took out for my sons college. He also has some stafford loans. I am now concerned of the amount of loans I have under my name. I have three other children who will be attending college, and was hoping to buy a house in the next five years. He and ... Read More »

                    Even in Death, Student Loans, the Debt That Keeps on Giving

                    The unfolding tragedy of student loan debt in America took an interesting turn recently with an article published in the Baltimore Sun and then repeated in the ABA Journal. Thanks to a reader that sent in the tip on the article we get a glimpse into reason 198 why you should never cosign for student loans. Roswell Friend attended Temple ... Read More »

                      Consolidate Parent Plus Loans – Carol

                      Ready to Collapse

                      “Dear Steve, I have two PLUS loans that I took out for my daughter for her first two years in college. My husband passed away at the end of her first year. I have two other children, who at the time where young enough that I was able to collect Social Security for them. Now that I can not longer ... Read More »

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