Parent Plus loan on disability income
Our daughter has just completed her degree in December 2021. In addition to the regular student loans in her name, her father took out Parent Plus loans. Since we listen to WGN radio and had heard you talk on this this, we put these in his name because his only income is railroad retirement disability. Now, we should be able to put these in an income based repayment plan (which would be zero) and have them forgiven after 10 years, correct? Next steps so we don’t mess up this wonderful blessing?
Terry Says
I’m going to direct you to Rae Kaplan, the true expert in Student Loan forgiveness in these complicated cases. I think she might find something better by way of a plan. Her website is here. But in case others are reading this, I know that the 10-year plan you’re referring to is only for public service loan forgiveness. Most IBR plans have balances forgiven after 25 years!
However, if your husband is totally disabled, there might be a chance to wipe out the balance immediately! That’s why I’m sending you to Rae.
