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  1. consumerfinance.gov

    Consolidating your Parent PLUS loan will make you eligible for the Income-Contingent Repayment (ICR) plan. Use the Education Department's Loan Simulator to estimate your payment on the ICR plan. The minimum payment on ICR is just $5. If you have federal student loans for your own education, do not consolidate them with your Parent PLUS loans.
    • Student Loan Forgiveness

      You might be contacted by a company saying they will help you get loan discharge, forgiveness, cancellation, or debt relief for a fee. This is a scam. You never have to pay for help with your federal student aid. ... Borrowers with FFELP loans held by commercial lenders or Perkins loans not held by ED can benefit if they consolidate into Direct ...

  2. Sep 27, 2024If parents work in an eligible job for 10 years and make payments on the Income Contingent Repayment plan after consolidating with a Direct Consolidation loan, any remaining Parent PLUS loan debt ...
  3. A Direct Consolidation Loan allows you to combine multiple federal student loans into one loan, one payment and one fixed interest rate. If you decide to consolidate, you can choose your servicer - Good News, MOHELA can be your choice! ... Loss of eligibility to defer payment on a Parent PLUS loan when the student is enrolled at least half-time.
  4. Jan 3, 2024Spouse Consolidation: Two parents can consolidate the Parent PLUS loans they borrowed separately, but they cannot combine the loans into one or transfer the loans to the other spouse. Consolidation Timing: Consider the timing of consolidation carefully, as consolidating too early or too late may impact your eligibility for certain repayment ...
  5. protectborrowers.org

    Oct 26, 2023Does a Double Consolidation Make Sense for You? There Could Be Some Downsides. There are some potential risks to double consolidation. If a Parent PLUS borrower misses the December 31st deadline and consolidates between January 1, 2024 and July 1, 2024, when new rules take effect, they may lose credit on their loans if they consolidate.
  6. studentloanplanner.com

    Dec 23, 2024Parent PLUS double consolidation loophole. Parent PLUS loan borrowers can consolidate into a Direct Consolidation Loan, even without another loan, and have access to Income-Contingent Repayment (ICR). This plan is based on 20% of discretionary income and has a maximum student loan repayment period of 25 years.
  7. ramseysolutions.com

    May 31, 2024The only way to qualify is to consolidate your Parent PLUS Loan into a Direct Consolidation Loan—you can do this with either one Parent PLUS Loan or with any other student ... And repeat the process with the next smallest debt—and so on, until you're debt-free! Whether your Parent PLUS Loan becomes your immediate focus or falls later in ...
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