Parent PLUS Loan
I currently have around $130,000 in Parent PLUS loans. My son is going to be a senior in college, so I have not yet had to make payments and I have not consolidated yet. I am a public school teacher set to retire in 5 years. My annual salary is around $110,000 per year and my husband’s is around $88,000. His name is not on the loans. I read your article about consolidating now but am afraid my payments will be above $1,000, which I cannot afford now. Do you suggest I consolidate before July 1? My other question is, since I am set to retire in 5 years, will I be eligible for Public Service Loan Forgiveness?
Terry Says
You absolutely should consolidate NOW! The rest can wait, but the consolidation must be done this week! You don’t want to be paying the new higher monthly payments. And after you consolidate, you can likely benefit from both programs — income-based and PSLF.
For more specific help contact Rae Kaplan at FinancialRelief.com.
