Consolidating parent plus student loans live updating electoral map
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With the extended plan, the payments will remain the same.
The drawback of both of these options is that you will pay more interest over the life of the loan.
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Mark Dear Mark, I'd first look at the Federal Direct Consolidation Loan program. As far as interest rates go, the interest rate for a Direct Consolidation Loan is fixed for the life of the Direct Consolidation Loan.
They sound like a good idea – parents can get Federal loans with all the great benefits that students get. In fact, Parent PLUS Loans don't offer any type of income-based repayment plan (directly) nor do they qualify any type of student loan forgiveness programs (well, once again, this is nuanced as well and we discuss below).
First, there are a lot of myths surrounding what you can or can't do with Parent PLUS Loans, so let's bust those right now.
If you have Parent PLUS Loans, you cannot: If you are on the standard 10-year repayment plan for your Parent PLUS Loan, you are eligible for Public Service Loan Forgiveness (PSLF).
However, since PSLF requires 120 payments (or 10 years of payments), you'll have nothing left to forgive at the end.