Additional resources for Parent PLUS borrowers below. 5 ways to pay off Parent PLUS loans: www.studentloanplanner.com/pay-off-parent-plus-loans/ Parent PLUS loan forgiveness options: www.studentloanplanner.com/parent-plus-loan-forgiveness/ Here is what happens to student loans when you die: www.studentloanplanner.com/student-loans-after-death/
So, my son & I had an agreement that once he finished school, he would assume the loan debt from me. Mind you, no one ever made us aware that we would have to consolidate outside the Fed to a private loan. Of course, the interest rates were ridiculous! So when I saw I could double consolidate, I did. Once I completed the process. I applied for IDR/ Save, but now it is sitting in limbo, due to the current situation. My son makes the payments, but my husband has recently retired & I will also in 2 years. I would still like to somehow transfer this to my son, so to be free of it under my name. I'm afraid with our fixed income, I might not be able to, say, get a car loan or a home improvement loan? Any advice?
in that scenario, I would play the role of your son (hi mom 👋). I scheduled a consultation with SLP & worked to get my parents’ parent plus loans into good standing i.e. off of standard payment and on track for double consolidation. i have completed the initial parts and am awaiting salient info on SAVE plan. so, similar to limbo, but i am waiting to complete the last step (final consolidation). i suppose it would be smart for my parents to draft up some sort of contract, as a way to ‘hold my feet to the fire’ in case i decide to break bad & financially bail on them. but as far as i know, there is no legal transfer process one can do to formally transfer the burden. sounds like your on the right track tho. best of luck :)
I encourage you to please look into these options: www.studentloanplanner.com/pay-off-parent-plus-loans/ Parent PLUS loan forgiveness options: www.studentloanplanner.com/parent-plus-loan-forgiveness/ Here is what happens to student loans when you die: www.studentloanplanner.com/student-loans-after-death/
