April 23, 2009

When Do I Begin Repaying My Parent Plus Loan?

Posted in Parent PLUS Loans tagged at 8:07 AM by dbonvie

For Plus loans made to parents on or after July 1, 2008, the borrower has the option of beginning the repayment period 60 days after the loan has been fully dispersed or waiting until six months after the student ceases to be enrolled on at least a half-time basis.

For parents who took out a loan prior to July 1, 2008 you do not have an option I’m afraid. The repayment period, as you already know, automatically kicked in 60 days after the loan was fully dispersed. Still, you may file for an economic hardship deferment or forbearance with your lender if needed as you do have three years worth of deferment benefits.

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