June 3, 2010

Repayment Options for the Parent PLUS loan

Posted in Parent PLUS Loans at 2:46 PM by plusloans

If you are a parent who has taken out a PLUS loan to cover some of your child’s education, you might be wondering what methods of repayment are available to you. While many parents opt for standard repayment, there are other options as well:

The Graduated Repayment Plan allows you to start out with lower monthly payments that gradually increase over time until the loan is paid in full. The required monthly payment is calculated based on your loan debt and interest rate.

The Income-Sensitive Repayment Plan bases your monthly payment on your yearly income and your loan amount. You are eligible for this plan only if you monthly loan payment is greater than ten percent of your annual gross income.

The Extended Repayment Plan provides eligible loan borrowers with payment relief through an expanded repayment term of up to 25 years.

Visit ParentPLUSLoan.com for more information on repayment, and don’t forget to consolidate if you have more than one federal loan.


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  15. Has anyone tried to get the extended? I currently owe 270 a month for the next 9.5 years, and am looking at double that for the next year. I would like to try it, but am skeptical.

  16. Brenda said,

    My son went through a trade school a few years ago and now has injured his back and cannot work in the field he was trained for. I took out $40,000 for Parent Plus loan to get him through the 2 years of trade school.

    Is there a possibility to get this dismissed in court?


  17. It’s good to know all the available option for student repayment loans. There are times when repayment student loan can be impossible and year after year debt builds up. In that case you might face the

           wage garnishment for the student loan.

    • Jen said,

      Parent PLUS loans are not eligible for Income Sensitive or Income Contingent repayment options, only Stafford loans are eligible. It’s time for the government to come up with some more helpful repayment options for parents

      • kathy carter said,

        I took out parent plus loans for both my children thru
        a private lender. These loans are only in my name. My
        husband was sick at the time but still working off and on.
        His loans got forgiven when he became disabled. I still have
        a loans out that i can not afford to pay back. I have not
        made any payments since 2004. Because the loans are
        only in my name as a parent plus loan . Do I have more
        options for repayment since they are only in my name. I
        need to get my payments a lot lower. I heard maybe
        with federal direct i would qualify for some better options
        other than a private lender who is servicing my federal
        parent plus loans. I really need help. I have never been
        in default.

  18. Good to know there are several option for repayment.

  19. no no es much

  20. The Extended Repayment Program delivers eligible loan debtors with payment relief through an expanded reimbursement term of as much as 25 many years?

  21. Great to understand you will discover many alternative for payment. I for one would probably opt for normal payment but if all comes to worst then i can attempt the Extended Payment Program.

  22. Good to know there are several option for repayment. I for one would probably opt for standard repayment but if all comes to worst then i can try the Extended Repayment Plan. Atleast it’s convenient on my part.

  23. I hope this resolution will not affect the financial system

  24. Ryan said,

    As a result of the Health Care and Education Reconciliation Act, beginning July 1, 2010, federal student loans will no longer be made by private lenders under the Federal Family Education Loan (FFELSM) Program. Instead, all new federal student loans will come directly from the U.S. Department of Education under the Direct Loan Program.

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