Ask Terry Questions Parent Plus Loans repay or refinance?

Parent Plus Loans repay or refinance?

By Terry Savage on October 15, 2018 | College Savings / Student Loans

I used parent Plus loans to finance my daughters balance not covered by Stafford loans. she plans to help pay this back, but my husband has since lost his job and I wont be able to pay 800-1400/month that is the standard payment.. i have considered a consolidation private loan with both my daughter and I on the loan but i am not sure that is the best option… the current Direct Parent Plus interest rates are between 6.31-7.21% …

Terry Says

Go to and see if they will refinance, based on your current credit, at a lower rate. I hope your daughter is living at home to save money and paying her share from her new job — one that pays a lot because she made good use of her education!

Your situation is just one more reminder of the perils of co-signing for student loans.

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