December 3, 2009
Can I Cancel My Parent Plus Loan?
YES. You can cancel a PLUS loan the same way a borrower would cancel a Perkins or a Stafford loan. In fact, even after the funds have been disbursed to the school you can still cancel your loan. You would just contact a financial aid officer at the school and let them know that they can send the funds directly back to the lender, provided your request is received within the designated add/drop period. Keep in mind, however, that in some instances you can not get back the origination and default fee of 4% back.