Reboot Your Life: Tampa Student Loan and Bankruptcy Attorney Blog
Well folks, it appears that the Department of Education may have just closed the loophole which led to Borrowers double consolidating Parent Plus loans in an effort to get onto the more payment friendly SAVE program rather than the much higher ICR – Income Contingent Plan. By doing a double consolidation, often the code showing an underlying loan to be a Parent Plus loan was removed.
We’ve just learned of a new entry on the NSLDS report: the “Parent Plus Consolidation Indicator.”
Our guess is they’ve done this to close the “glitch”. It will now be readily apparent if any underlying loan within a consolidation contained a PLUS loan.