I'm looking for some advice on what the best option might be for my mom and the Parent Plus loans she took out for me during my undergrad. We submitted the application to consolidate the existing Parent Plus loans two days ago. I'm very nervous that this obviously isn't enough time before the 7/01/26 deadline. The loans have been deferred since I'm currently in a Masters program and plan to continue to a PhD directly after. Would it make sense for me to cancel the consolidation application and just keep deferring the payment while I'm in school? I don't plan to finish the PhD for another 6 years minimum. The way repayment options have been changing so drastically over the past few years has me slightly hopeful that there may be more repayment options after I finish my PhD.
Any advice is appreciated. Thank you all, especially u/Besty514 and u/waterwicca.
Time left for Parent Plus loan consolidation or just ride out deferment?
byu/eatmykidz inStudentLoans
Posted by eatmykidz
3 Comments
> The way repayment options have been changing so drastically over the past few years has me slightly hopeful that there may be more repayment options after I finish my PhD.
I wouldn’t put faith in that, the GOP hates massive forgiveness for parent PLUS loans.
I’d probably try to ride out the consolidation, how much is owed tho? If a lot isn’t owed then consolidation won’t matter as much
Apologies, waterwicca explains below that the consolidation would indeed prevent in-school deferment. She still recommends trying, but I understand your concern. Very best of luck to you.
~~What harm could the consolidation do? It seems a good idea to at least try to get it through if you want your mom to have IDR options. You can continue to defer either way, no?~~
I think trying to get the consolidation done now before the deadline is the right move if she wants the chance to have an IDR plan for her loans. It’s not impossible that things can change again in the future, but it would take another act of congress.
Her new consolidation loan will not be eligible for in school deferment based on your enrollment. She would have some of her own forbearance and deferment options but she should be prepared to enter repayment. If the consolidation is done in time she would have standard, graduated, extended, and IDR. If it is not done in time then she will only have the new Tiered standard plan.