Comments on: Parent PLUS Loans and Parent Loan Consolidation http://blog.studentloannetwork.com/consolidation/parent-plus-loans-consolidation/ Student Loan Blog: News, Updates and Advice Sun, 14 Mar 2010 22:09:33 +0000 http://wordpress.org/?v=abc hourly 1 By: Deb Wilson http://blog.studentloannetwork.com/consolidation/parent-plus-loans-consolidation/comment-page-1/#comment-14655 Deb Wilson Thu, 18 Feb 2010 13:01:02 +0000 http://www.studentloanconsolidator.com/student-loan-consolidation-blog/2008/03/19/parent-plus-loans-consolidation/#comment-14655 My story is the same...daughter went to expensive college, I took out 2 Plus loans, she was told the loans could be transfered to her name after graduation, she promised to pay the loans, now she's in Germany, I'm 53, make under $20,000 a year and making 2 loan payments that they will not let me consolidate. This is the 1rst and only time in my life I have gotten myself into a bad financial state...now that I am at a time in my life when I would like to slow down a bit it looks like I will be wrking 4 jobs(50hr/wk) for the next 30 years. An my friends want to know why I don't take the opportunity of a lifetime and go to Germany to see her. The only way I could go is if I could swim that far... My story is the same…daughter went to expensive college, I took out 2 Plus loans, she was told the loans could be transfered to her name after graduation, she promised to pay the loans, now she's in Germany, I'm 53, make under $20,000 a year and making 2 loan payments that they will not let me consolidate. This is the 1rst and only time in my life I have gotten myself into a bad financial state…now that I am at a time in my life when I would like to slow down a bit it looks like I will be wrking 4 jobs(50hr/wk) for the next 30 years. An my friends want to know why I don't take the opportunity of a lifetime and go to Germany to see her. The only way I could go is if I could swim that far…

]]> By: Dave http://blog.studentloannetwork.com/consolidation/parent-plus-loans-consolidation/comment-page-1/#comment-13469 Dave Tue, 26 Jan 2010 21:12:49 +0000 http://www.studentloanconsolidator.com/student-loan-consolidation-blog/2008/03/19/parent-plus-loans-consolidation/#comment-13469 I have a parent plus loan out no.1 loan for $14,000.00, the next year no.2 $10,000.00. These loans are in repayment. I owe now about $19,000.00. Can these consolidated for lesser amount of interest lower than 7.99%. Today, I've put both loan indeferrment, but will matk interest only. Thank you, Dave I have a parent plus loan out no.1 loan for $14,000.00, the next year no.2 $10,000.00. These loans are in repayment. I owe now about $19,000.00.
Can these consolidated for lesser amount of interest lower than 7.99%. Today, I’ve put both loan indeferrment, but will matk interest only.

Thank you,
Dave

]]> By: Denise http://blog.studentloannetwork.com/consolidation/parent-plus-loans-consolidation/comment-page-1/#comment-10301 Denise Wed, 29 Jul 2009 22:49:22 +0000 http://www.studentloanconsolidator.com/student-loan-consolidation-blog/2008/03/19/parent-plus-loans-consolidation/#comment-10301 Re: Ronnie and Kenia I am in the exact same position. I graduated a little over a year ago. I am a teacher and just got married and am trying to buy a house. My mom found out how much we make (not taking into account that we are about to have to start making payments on a HOUSE)and is insisting I start paying her loans. As a teacher, I really do not make that much money; my husband makes even less. We already shell out hundreds a month for our student loans. I understand where she is coming from (my 2 brothers are at an expensive school with no scholarships) and I know she will need help in a few years to pay. I just don't know if I will be able to afford it; right now it's a house payment, but in a few years it will be my own kids! If I had known this, I would have made college less expensive from the beginning. Re: Ronnie and Kenia
I am in the exact same position. I graduated a little over a year ago. I am a teacher and just got married and am trying to buy a house. My mom found out how much we make (not taking into account that we are about to have to start making payments on a HOUSE)and is insisting I start paying her loans. As a teacher, I really do not make that much money; my husband makes even less. We already shell out hundreds a month for our student loans. I understand where she is coming from (my 2 brothers are at an expensive school with no scholarships) and I know she will need help in a few years to pay. I just don’t know if I will be able to afford it; right now it’s a house payment, but in a few years it will be my own kids! If I had known this, I would have made college less expensive from the beginning.

]]> By: kenia http://blog.studentloannetwork.com/consolidation/parent-plus-loans-consolidation/comment-page-1/#comment-10300 kenia Fri, 29 May 2009 09:42:14 +0000 http://www.studentloanconsolidator.com/student-loan-consolidation-blog/2008/03/19/parent-plus-loans-consolidation/#comment-10300 in reply to Ronnie: I'm in the same boat! I was on my way to teach english abroad after graduation until my father said to me that I can't because I need to get a high-paying job to pay his parent plus loan along with my loan ($1000 a month). Why did he wait to tell me that?!?! If i knew that then I probably would of majored in a subject that's known to pay new graduates A LOT rather than "following my dreams"...not to meantion that this recession is so bad (been job-hunting for a year)! He also wants me to go to a "cheap" graduate school in order to get a high-paying job but if I do that then i definitely won't be able to pay him back because I will be too busy paying for graduate school! This is INSANE!!!! I don't know what to do! in reply to Ronnie: I’m in the same boat! I was on my way to teach english abroad after graduation until my father said to me that I can’t because I need to get a high-paying job to pay his parent plus loan along with my loan ($1000 a month). Why did he wait to tell me that?!?! If i knew that then I probably would of majored in a subject that’s known to pay new graduates A LOT rather than “following my dreams”…not to meantion that this recession is so bad (been job-hunting for a year)! He also wants me to go to a “cheap” graduate school in order to get a high-paying job but if I do that then i definitely won’t be able to pay him back because I will be too busy paying for graduate school! This is INSANE!!!! I don’t know what to do!

]]> By: David E. Bonvie http://blog.studentloannetwork.com/consolidation/parent-plus-loans-consolidation/comment-page-/#comment-10299 David E. Bonvie Mon, 27 Apr 2009 12:44:17 +0000 http://www.studentloanconsolidator.com/student-loan-consolidation-blog/2008/03/19/parent-plus-loans-consolidation/#comment-10299 To consolidate your federal loans the Department of Education is your best resource. They may be reached at 800-557-7392. Generally speaking to get a 30-year term is dependent on the amount that you owe. To consolidate your federal loans the Department of Education is your best resource. They may be reached at 800-557-7392. Generally speaking to get a 30-year term is dependent on the amount that you owe.

]]> By: Tina http://blog.studentloannetwork.com/consolidation/parent-plus-loans-consolidation/comment-page-1/#comment-10298 Tina Sun, 26 Apr 2009 16:21:38 +0000 http://www.studentloanconsolidator.com/student-loan-consolidation-blog/2008/03/19/parent-plus-loans-consolidation/#comment-10298 Steve write the following: "It would be nice, but I am next expecting anything soon. I’m 55 but the Dept. of Ed has allowed me to consolidate my middle son’s Plus loan with a 30 year repayment plan. If I make to 85, I’ll be happy, but if I don’t the debt willbe discharged. Is it any wonder our government is going broke?" My question is what steps did you do to get it consolidated with a 30 year repayment plan. I am 54 and I need to ge this done. I Steve write the following: “It would be nice, but I am next expecting anything soon. I’m 55 but the Dept. of Ed has allowed me to consolidate my middle son’s Plus loan with a 30 year repayment plan. If I make to 85, I’ll be happy, but if I don’t the debt willbe discharged. Is it any wonder our government is going broke?” My question is what steps did you do to get it consolidated with a 30 year repayment plan. I am 54 and I need to ge this done. I

]]> By: Ronnie http://blog.studentloannetwork.com/consolidation/parent-plus-loans-consolidation/comment-page-1/#comment-10297 Ronnie Wed, 18 Feb 2009 15:13:34 +0000 http://www.studentloanconsolidator.com/student-loan-consolidation-blog/2008/03/19/parent-plus-loans-consolidation/#comment-10297 My mother took out Parent plus loans for my 4 year degree, I never knew that she expected me to start paying them once I graduated, but thats what she told me right after graduation, I wish she would have brought this up before I started, I have my own Student loans (which I am perfectly ok with paying), but there is no way that I can afford to pay the Plus Loans, I don't know how to tell her no though, so students, be REALLY careful in deciding how to pay. My mother took out Parent plus loans for my 4 year degree, I never knew that she expected me to start paying them once I graduated, but thats what she told me right after graduation, I wish she would have brought this up before I started, I have my own Student loans (which I am perfectly ok with paying), but there is no way that I can afford to pay the Plus Loans, I don’t know how to tell her no though, so students, be REALLY careful in deciding how to pay.

]]> By: Steve http://blog.studentloannetwork.com/consolidation/parent-plus-loans-consolidation/comment-page-1/#comment-10295 Steve Fri, 23 Jan 2009 01:28:22 +0000 http://www.studentloanconsolidator.com/student-loan-consolidation-blog/2008/03/19/parent-plus-loans-consolidation/#comment-10295 Plus loans are a convenient way to help finance a college education. One benefit is that a portion of the interest is tax deductible. My kids also pormised they would pay me back for the Plus loans I took out for them. It would be nice, but I am next expecting anything soon. I'm 55 but the Dept. of Ed has allowed me to consolidate my middle son's Plus loan with a 30 year repayment plan. If I make to 85, I'll be happy, but if I don't the debt willbe discharged. Is it any wonder our government is going broke? Plus loans are a convenient way to help finance a college education. One benefit is that a portion of the interest is tax deductible. My kids also pormised they would pay me back for the Plus loans I took out for them. It would be nice, but I am next expecting anything soon. I’m 55 but the Dept. of Ed has allowed me to consolidate my middle son’s Plus loan with a 30 year repayment plan. If I make to 85, I’ll be happy, but if I don’t the debt willbe discharged. Is it any wonder our government is going broke?

]]> By: Earl http://blog.studentloannetwork.com/consolidation/parent-plus-loans-consolidation/comment-page-1/#comment-10296 Earl Thu, 13 Nov 2008 23:50:09 +0000 http://www.studentloanconsolidator.com/student-loan-consolidation-blog/2008/03/19/parent-plus-loans-consolidation/#comment-10296 My children assured me they would pay the loans when they graduated. They now refuse to do so and I cannot afford to pay. Needless to say we no longer talk. My children assured me they would pay the loans when they graduated. They now refuse to do so and I cannot afford to pay. Needless to say we no longer talk.

]]> By: Missy http://blog.studentloannetwork.com/consolidation/parent-plus-loans-consolidation/comment-page-1/#comment-10294 Missy Fri, 31 Oct 2008 01:08:47 +0000 http://www.studentloanconsolidator.com/student-loan-consolidation-blog/2008/03/19/parent-plus-loans-consolidation/#comment-10294 Let me just say to any potential student or borrower: NEVER NEVER NEVER take out a PLUS loan as a parent for your child and as a student, NEVER NEVER NEVER take out a PLUS loan from a parent. The loan can NEVER be transferred to the student and if the student graduates, 9 times out of 10, they have the hardest time making that payment. And if they don't the parent is responsible - even if this loan ends up being 30 years old. I know - my parents took out these loans for me and my brother when we were young and didn't have a clue about what the loan meant. And sure we both had every intention of paying this loan back. But I had no idea life would get in the way and now the loan has gotten so high over the years because of their outrageous interest rates and at this rate, it's like making a payment toward a house. And it breaks my heart to think about how my parents worry about this loan being on their credit. And yes it's in good standing and paid on time but it's still there against their FICO score. So think long and hard before you do this - this is my biggest regret about my college years and if I could go back, I would have never took the loan out and worked my butt off at McDonald's to pay my own way. Let me just say to any potential student or borrower: NEVER NEVER NEVER take out a PLUS loan as a parent for your child and as a student, NEVER NEVER NEVER take out a PLUS loan from a parent. The loan can NEVER be transferred to the student and if the student graduates, 9 times out of 10, they have the hardest time making that payment. And if they don’t the parent is responsible – even if this loan ends up being 30 years old. I know – my parents took out these loans for me and my brother when we were young and didn’t have a clue about what the loan meant. And sure we both had every intention of paying this loan back. But I had no idea life would get in the way and now the loan has gotten so high over the years because of their outrageous interest rates and at this rate, it’s like making a payment toward a house. And it breaks my heart to think about how my parents worry about this loan being on their credit. And yes it’s in good standing and paid on time but it’s still there against their FICO score. So think long and hard before you do this – this is my biggest regret about my college years and if I could go back, I would have never took the loan out and worked my butt off at McDonald’s to pay my own way.

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