A full 20 years ago my mom took out a Parent Plus loan in her name to help with my undergraduate education. It is now managed by Mohela. She's made some payments on it over the years but the interest is over 7% and it adds up. Today, she is in a tough place financially, being a low-income senior citizen, and I as a working professional could easily just pay off the remainder now. My question is: Is there any reason to think that the remainder could be forgiven if we keep making minimum payments? Mohela's website doesn't have any obvious way to turn this into an ICR or IBR plan. There's only one loan so there's nothing to "consolidate" right?
Should I just pay off my mom's Parent Plus loan?
byu/bamboozlinguniverse inStudentLoans
Posted by bamboozlinguniverse
1 Comment
The boat has been missed to consolidate, move to ICR and then to IBR. Realistically, you should be the one paying on it though. It’s in her name but she took it out for you. My dad has a parent Plus Loan in his name for my education and I have always been the one paying on it.
This will probably sound grim, but it’s the truth. The loan will be forgiven when she passes away.