Trying to figure out what the appropriate move is regarding the upcoming deadline for consolidating and moving to an IBR plan.

    I have been paying on my parent Plus Loan since 2013, with little to no actual movement. I am the student and the loans are in my father's name. We have never been asked to provide any additional income information since I have been paying them.

    I know that the deadlines are closing in but I'm trying to figure out what the right move to make is. This past year, my dad suffered a work injury that kept him out for an entire year (being paid workman's comp). This has resulted in him making much less income than he ever has before. He has also now decided to ride out with workman's comp until October and then retire. My question is, would it benefit me to make the move to consolidate and move to an IBR plan in hopes that his most recent tax return info would drive down the total cost and ultimately come October, when he retires would that further drive the payments down?

    I'm also concerned about any sort of forgiveness that may be in play. Obviously I have been paying on these for awhile now. Would making that move reset that possible forgiveness clock (if there really even is one)?

    This stuff is so confusing and tedious and it seems difficult to get a proper answer from the loan provider/the government. Anyone find themselves in a similar situation with possible solutions/tips?

    Parent Plus Loan Question (Regarding Consolidation for IBR)
    byu/LeChampionX inStudentLoans



    Posted by LeChampionX

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