Retiring with $212k in Parent PLUS Loans: What Are Your Options?

[@Wandafulone1]

Thank you this was very helpful information

[@shemitch]

My dad passed away in 2013. Can I get this student loan dismissed?

[@vickybuenrostro6144]

Hi, I’m so happy I came across your account after crying my eyes out when I saw the payments I need to make for the loans I got thru my dad (parent plus loans). I am a first gen latina who went to university..there’s about ~$90,000 in direct parent plus loans (9 parent plus loans in total) under my dad’s name only, my mom doesn’t work. He makes about $73,000 a year. We had an indirect agreement that I would pay for the parent plus loans myself. My question is would you say the double consolidation and then applying for the SAVE pay plan would be best? Any advice would help the monthly payments are currently $950/month 😔

[@Holliday721]

Hi, I'm having trouble understanding what happens with parent plus loans once the parent retires. My mom took out parent plus loans for me (currently at $120,000 at 7.3%) because my college said they were the best ones to do. When I graduated, I consolidated into one loan (unfortunately not knowing that double consolidation existed). I am paying the parent plus loans on their behalf, and my payments are $900/mo. Both she and my dad are going to retire in ~3 years, so what can I do at this point? What happens if I switch to income contingent repayment (ICR) when she retires, will my payments be lower?

[@stanleytate]

The payments could be lower depending on what your mother's income is and how they file taxes. Your mother could go back to school, borrow more federal loans, and complete the double consolidation that way.

[@ahmedanderson5480]

Continue to pay the $900/mth. Don't fuck mom, she's already old. Worst case she passes, the balance is still due. It will come out of the estate if I remember correctly. Kids need to think past next week or next year when it comes to borrowing money. You decided to go to school, not her. Never burden a parent

[@Holliday721]

@@ahmedanderson5480 "I am paying the parent plus loans on their behalf" Not to be rude, but please read fully before you comment. I am paying them, and I will continue to pay them in full. I am in no way "fucking" them. My question was what happens to the payment once they retire, if they are lowered since they're taxable income is less. Also, the balance is not due if she passes because they are federal, not private. Federal student loans are discharged due to the death of the borrower or of the student on whose behalf a PLUS loan was taken out.