Parent PLUS loans are a type of federal student loan offered to parents of dependent undergraduate students. These loans allow parents to help pay for their child’s education by borrowing money from the federal government to cover the cost of tuition and other expenses. Parent PLUS loans are issued by the Department of Education and are available to parents who meet certain eligibility requirements, such as having a good credit history.
Parent PLUS loans are different from other federal student loans because they have higher interest rates and fees, and they are not eligible for certain repayment plans or forgiveness programs. However, there are some options available for parents who are struggling to repay their Parent PLUS loans. For example, parents can apply for a deferment or forbearance to temporarily postpone or reduce their loan payments, or they can consolidate their loans to get a new interest rate and repayment term.
It’s important to note that loan forgiveness programs are not guaranteed, and they can change over time. The availability of loan forgiveness for Parent PLUS loans may depend on factors such as the borrower’s income, job, and repayment plan. It’s best to contact the Department of Education or a financial aid advisor to get the most up-to-date information on loan forgiveness options for Parent PLUS loans.