Parent PLUS Loans are not eligible for forgiveness under the Public Service Loan Forgiveness (PSLF) program. The PSLF program is a federal program that forgives the remaining balance on Direct Loans for borrowers who have made 120 qualifying monthly payments while working full-time for a qualifying employer. Parent PLUS Loans are not Direct Loans, so they are not eligible for forgiveness under the PSLF program.
However, Parent PLUS Loans may be eligible for forgiveness under other federal student loan forgiveness programs, such as the Teacher Loan Forgiveness program or the Total and Permanent Disability (TPD) discharge program. It’s important to note that these programs have specific eligibility requirements and conditions, so it’s important to consult with a student loan expert or a lawyer to understand whether you may be eligible for loan forgiveness and what steps you need to take to apply.
Additionally, borrowers with Parent PLUS Loans may be able to consolidate their loans into a Direct Consolidation Loan, which would make them eligible for the PSLF program and other federal student loan forgiveness programs. However, consolidating a Parent PLUS Loan will result in the loss of certain benefits, such as the option to postpone payments while the student is in school, so it’s important to carefully consider the potential benefits and drawbacks before consolidating.
