
Parent PLUS Loan Information Nicholls State University
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People also ask
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What happens to parent PLUS loans when the parent retires?
The Education Department doesn't forgive loan balances for parents when they retire. It will keep sending bills and adding interest until you pay off the debt, die or become totally and permanently disabled, or qualify for one of the department's student loan forgiveness programs.
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What disqualifies you from a parent PLUS loan?
If you're a parent or graduate student seeking a Direct PLUS Loan, one of the requirements to qualify is that you must not have an adverse credit history. If your application is denied because of an adverse credit history, don't give up. You still have options.
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What are the requirements for a parent PLUS loan?
To be eligible for a Direct PLUS Loan for parents, you must be a biological or adoptive parent (or in some cases a stepparent), not have an adverse credit history, and meet the general eligibility requirements for federal student aid (which the child must meet as well). Was this page helpful?
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Do parent PLUS loans get forgiven when a parent dies?
Your parent's PLUS loan will be discharged if your parent dies or if you (the student on whose behalf your parent obtained the loan) die.
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Is there any way to get parent PLUS loans forgiven?
Yes, borrowers with Parent PLUS Loans can have their debts forgiven after 10 years (or 120 eligible monthly payments) with the PSLF program.
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Is a parent PLUS loan forgiven if the parent dies?
Your parent's PLUS loan will be discharged if your parent dies or if you (the student on whose behalf your parent obtained the loan) die.
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Do children inherit their parents' student loan debt?
Federal student debt is discharged upon the death of the borrower. Many private lenders will also cancel debt when the borrower dies, but policies vary by lender. Loved ones or spouses can't inherit student loan debt.
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Where do I find my parent PLUS loan information?
Find Your Parent PLUS Loan Information Visit “My Aid” to view information about all of the federal student loans and other financial aid you have received and to get contact information for your loan servicer.
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