So bit of needing advice/ a bit of a rant. My stepdad signed up for 2 parent plus loans for me in college. I wouldn’t have been able to go to school. Well so- I mom sends me a text and asks if I have been paying my loans and I said “no because I’m on a income based repayment plan that has me paying 0 because I don’t make enough” because I wasn’t making enough until recently. Well so she said to me “well your steps dad credit score went down by 100 points you haven’t paid” and to me I think that’s crazy because I wasn’t given an email or text about me needing to pay my loans or else it would effect my step dads credit. I’m waiting for my new payment plan to get approved and now I gotta start paying my loans back. Eye roll. But I don’t want any late payments to effect my step dad in the future. I got told my a friend I could basically pay for the loan with a private loan and then pay off someone else but I would much rather just idk like sign a document or something transferring that stuff to me because that’s crazy to me that me not paying (which I was allowed to do by the government and never got any notification about) has effected my step dad like that. It should effect ME since it MY PAYMENTS. But what ever. Just wanna know if anyone else has any advice or has gotten that stuff to go on their credit. Lmk.
My step dads credit score got effected by me “not paying my loans”
byu/ParticularIron1584 inStudentLoans
Posted by ParticularIron1584
3 Comments
Parent PLUS loans are borrowed by the parent and are the parent’s sole legal responsibility. If your fathers credit score dropped it is because HE isn’t paying his loans.
If affected your stepdad and you never got any notification about it because Parent Plus aren’t legally your loans. If your parents expect you to pay them that’s between y’all – as far as the government is concerned the loan & payments are his responsibility. Which is why his credit took a hit when he didn’t ensure loans he took out in his name were paid
Parent Plus loans are in the name of the parent. You didn’t receive notification and they do not appear in your studentaid.gov account (or in your credit report) because they are not your loans.
If your parents need to get on an IDR plan they need to do so before July 1 of this year. After that date they will only have access to the standard payment plan.