November 12, 2009

Parent Plus Loan Forgiveness Conditions

Posted in Parent PLUS Loans tagged at 4:41 PM by dbonvie


If you have taken out a PLUS Loan to help pay for your child’s education, all or part of it may be cancelled (forgiven) for several reasons. You may qualify for total or partial loan forgiveness if:

  • The school closed within 90 days of your child’s enrollment and they were unable to finish their program of study.
  • The school did not properly qualify your child’s status before they began studies.
  • You did not receive a refund that was due to you.
  • Your signature was forged.
  • The school did not properly evaluate your child’s ability to benefit from the coursework before beginning studies.
  • You become totally and permanently disabled.
  • If you or the dependent for whom the loan was borrowed, dies
  • Your loan is discharged due to bankruptcy. (Typically, student loans cannot be discharged in a bankruptcy.) Consult your legal counsel regarding your particular situation.
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6 Comments »

  1. joann said,

    I am new at this. I need imformation on how i can get a loan forgiveness.

  2. joann said,

    I took a parent plus loan out for my son because the school said he one point short for his scholarship.I had to go out of town for this school.

  3. Royce said,

    I really like your blog.. very nice colors & theme. Did you create this website yourself or did you hire someone to do it
    for you? Plz reply as I’m looking to create my own blog and would like to find out where u got this from. many thanks

  4. Cheryl Rambo said,

    I took out a parent plus loan to send my daughter to school total of 16,000.00 now it is 27,000.00 with penalties. I was is harsh health condition and was disable but not enought to receive diability. I was in some disable program for a while with this loan but information got lost in the system. They were not able to find information therefore my status became default. I ‘ve work some but have not been able to find permanent employment. I had my daughter to pay into a program where you make several consecutive payment and then placed into consolidation. This week I was contacted by another company with an attack of taking every thing if I didnot pay this loan. I am not working and I am not able to pay this large sum of money.

    Can anybody help me please
    Thanks

  5. russell said,

    This happened to me. My son forged my signature on a parent plus loan for a total of over $23,000. Now, with interst , fines and penalties , it is over $48,000. I didn’t know about it till last week when a debt collector agency contacted me.

    I am 67 and nmy son is now 41 and been out of school for 19 years. I can’t believe after all those years I never knew about it.

    Can anybody give me some advice?
    Thanks

    • Jessica said,

      Well if you read the top part of the page it says that a parent borrower may be eliglible for loan forgivenss if their signature was forged on the papers.


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