Who Should Pay Off A Parent PLUS Loan?

You wanted to support your child by paying a big part of the cost of their undergraduate education. Borrowing Parent Plus Loans allowed your child to pursue college. Now when repayment approaches, who should pay for them? In this video, we share our thoughts on the steps to take to determine that decision.
📒 Show Notes 📒
✅ Overview of Parent Plus Loans
✅ Pros vs cons
✅ The BIG QUESTION: Who should pay off a parent plus loan?
✅ How to have a discussion with your child/student on repayment
✅ What happens if…
✅ Alternatives to Parent Plus Loans
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[@StudentLoanPlanner]

What do you think? Who should pay? In any case, here are 5 ways to pay off Parent PLUS loans: www.studentloanplanner.com/pay-off-parent-plus-loans/

[@supercarlos03]

The parent should guide their child to find the most affordable way to attend college. I don't think a parent should have to pay a student loan for their child. The parent can help their son/daughter more in my opinion by investing in a teaching/coaching program for their son/daughter, like say for example: a coding course or a "how to make money doing _______"as long as it is not too expensive I would say no more than $3k. This course/class/workshop will give the child a money-producing skill that they can do while in school which could cause them to not need loans or pay them off themselves. This may have the side effect of quitting school altogether after becoming financially independent lol

[@StudentLoanPlanner]

It doesn’t help that the cost of education has gone up either.

[@tarantino3569]

Just had my student loan forgiveness after 120 payments and 10 years of public service. Now facing taking a parent plus loan for the next four years to pay for my child’s college. If I am still in public service, can I apply for forgiveness after another 120 payments ? (10 years)

[@tamargrayson8351]

If my parent plus loan was discharged by the VA when I became total and permanent. Can I take out adt’l parent plus loan to help pay my sons tuition .. what do I need to do if so

[@LizaPierceMauiHawaii]

warning about refinancing to private loans with lower interest rate - once you do this, you will not have the benefits/protection of Federal loans (such as federal student loan forgiveness if it ever happens) or the loan being forgiven if you die or become disabled (private loan wil go after your co-signer or estate, in my understanding)

[@StudentLoanPlanner]

Thanks for listening! And correct, refinancing is not for everyone. Great reminder. Additional resource for Parent PLUS Loans are on our blog: www.studentloanplanner.com/?s=parent+plus+loans

[@biomedlib]

Liza, Thank you for your input.