why aren't parent plus loans eligible for ICR ,SAVE and all other plans? I would have to consolidate to get lower monthly payment plan but it seems like that option has higher interest rates and cost. What's the deal with Parent Plus
They are eligible for ICR but need to be consolidated first. They’re also eligible for any of the IDR plans (such as SAVE) through the double consolidation loophole but conditions apply for that.
When taking out a private loan and being a co-signor and electing to pay back while in school, is it normal or typical that only interest is being paid? We’re approved for a loan and elected a 7 year pay back term, but in reality it’s a 12 year. The first 5 years is paying interest only, then the next 7 years will pay the principal. Is this how it’s normally done with all private lenders? Thx
Hi. When are the question videos coming back? As always thanks for the information you provide.
Thanks for the info Ed. This info will save us thousands!. Roxbury HS Class of 2024
I think u forgot to add that parent loan needs to be awarded by the college. We failed to be awarded this yr cos my kid did not meet SAP.
why aren't parent plus loans eligible for ICR ,SAVE and all other plans? I would have to consolidate to get lower monthly payment plan but it seems like that option has higher interest rates and cost. What's the deal with Parent Plus
They are eligible for ICR but need to be consolidated first. They’re also eligible for any of the IDR plans (such as SAVE) through the double consolidation loophole but conditions apply for that.
When taking out a private loan and being a co-signor and electing to pay back while in school, is it normal or typical that only interest is being paid? We’re approved for a loan and elected a 7 year pay back term, but in reality it’s a 12 year. The first 5 years is paying interest only, then the next 7 years will pay the principal. Is this how it’s normally done with all private lenders? Thx
Very informative. Thank you. West Morris Central HS Class of 2024
Your video for the "Top 5 Student Loans To Consider & Student loan basics" is no longer valid...
Yes, when you're desperate.
Paramus High School Class of 2024
Paramus High School Class of 2024