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What Can You Do if You have Parent Plus Loans?

Parent Plus Borrowers:  There is a pending bill called The Parent Plus Parity Act.  If this bill becomes law it will:

  • Make Parent PLUS borrowers eligible for all income-driven repayment plans—including SAVE
  • Allow loan forgiveness if the child becomes eligible for Total and Permanent Disability discharge
  • Make Parent PLUS borrowers eligible for PSLF if their child enrolls in qualifying public service jobs
  • Create a new hardship category for loan discharge based on income, age and other factors.

This is not a bi-partisan bill and may not be signed into law.  Due to this uncertainty, if you have Parent Plus loans, it is much safer to explore the double consolidation route which is good until July 2025 to get these loans into SAVE or other IDR.

For a double consolidation, right now Aidvantage is the only servicer processing consolidations, and you have to send the application in via paper.  While you are waiting for the consolidations to process, your loans will be placed into a forbearance.  You would recertify your income at the end and ask for whatever IDR plan makes the most sense for you.  If you have questions, please reach out to us at the following link below, or call us at 813-258-2808 or email to info@christiearkovich.com.

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