Ask Terry Questions Parent Plus Loan

Parent Plus Loan

By Terry Savage on January 19, 2023 |

Hi Terry,
What is the current status under the Biden administration on Parent Plus Loans?
I applied for the $10,000 credit when it was 1st available, and it responded that it’s still waiting.
My loan is through Great Lakes.
Thank you,

Terry Says

Well, I’m not quite sure I understand your question.
If you already have a Parent Plus loan you are not required to make payments under the current forbearance program — which has been extended from 2020 to June 1, 2023.

If you are waiting to take out a Parent Plus loan and it has not been disbursed, consider yourself lucky. My advice: Don’t Do IT!!
Figure out another way to borrow the $10,000. Parent Plus loans are expensive and difficult to refinance later. I hate to see you trapped in one.

And if I still haven’t answered your question, please write back.

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