Parent PLUS Borrower Deferment Request Michigan Form

Instructions and help about Parent PLUS Borrower Deferment Request Michigan

More than 3.7 million people hold Parent PLUS student loans, federal loans that parents can take out to help their child pay for college. We recently verified that those loans were excluded from the Biden Administration's new income driven repayment plan known as SAVE, which will forgive some student loan borrowers balances after between 10 and 25 years of payments. Verify Viewer Terry asked us if there are other loan forgiveness programs available for Parent PLUS borrowers and using these sources we can verify that yes, there are, but. There's a catch. Federal Parent PLUS loans have to be consolidated in order to qualify for forgiveness under these other federal programs. Let me breakdown your options. First is the Income Contingent Repayment Plan or ICR. Under this program, qualified borrowers can have their monthly student loan payments reduced based on their income and family size. ICR plans cap monthly payments at 20% of your discretionary income or offer fixed payments based on a