PSLF for Parent PLUS loans
I’m trying to see if our Parent PLUS loan will be eligible for forgiveness. Our payments are supposed to start in Jan ‘23. We have a household income below $250K and are employed in the private sector. The eligibility waiver presently available seems to be aimed at loaners who do not work in the private sector. And, as parents of a recents college graduate, we have no other loans with which we could consolidate.
The info available says that Parent PLUS loans will qualify for $10K forgiveness, but the studentaid.gov site seems to offer help only for parents with non-private sector employment.
Thx!
Terry Says
You are getting two separate programs confused.
The first is public service loan forgiveness, which you might qualify for in ten years if you worked in the public sector.
The second is “student loan forgiveness” — a program just announced by the Biden administration. They haven’t yet opened the website to apply for this forgiveness. And yes, it does depend on your income. As long as you are under the limits of $125,000 on a single return or $250,000 on a joint return, you will likely qualify for $10,000 in forgiveness.
Watch my website, or listen to me on WGN RAdio on Wednesdays at noon — because as soon as the website opens I will definitely announce it.
