Ask Terry Questions Money saving repayment deals for Parent PLUS loans

Money saving repayment deals for Parent PLUS loans

By Terry Savage on June 19, 2026 | College Savings / Student Loans

Hi Terry, In your latest column you recommend consolidating Parent Plus Loans and applying for ICR plans. I’m having a hard time seeing a benefit for myself. I am 66 yrs. old and still working $140k/yr I currently have 7 PPL loans ranging from 5 months through 51 months until paid off. While I might get a lower monthly payment amount with the ICR plan, I will incur more interest expenses over 20 years of payments. I read where the new term would be 20 years because the balance is under $30,000 ($29,700). I will be 86 by the time the ICR will be paid off. I don’t want to have these payments long after retirement. Can you tell me if you think the ICR plan would benefit me? Thank you.

Terry Says

I can’t advise on the specifics, but time is running out to investigate. Rae Kaplan of https://www.financialrelief.com/
can tell you if a consolidation will help. Or if you’re facing a huge jump in payments on July 1st.

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