Julia Carpenter
speaker
3,850 appearances
71 recordings
1 series
first heard Oct 2019
last heard Sep 2024
Julia Carpenter’s voice in public audio — every appearance, attributed to the second.
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Parents are able to take out more money than otherwise a student would be able to take out for their own education.
Parent PLUS loans are geared toward parents who would be able to fund their child's education but don't want the child to be liable for the loan.
But what we know is that oftentimes these are lower income borrowers and borrowers from minority backgrounds.
SAVE and other income-based repayment programs are hugely beneficial for many federal student loan borrowers.
But unfortunately, in the rules written about who qualifies for SAVE and who can take advantage of it, Parent PLUS loan borrowers are specifically omitted from that program.
I've spoken with a lot of Parent PLUS borrowers who are really struggling to get a handle on how they should start repaying these loans.
We know that after that three-year pause on payments and interest accrual, that pandemic-era pause, that many borrowers are now preparing to repay or have already begun repayment.
And Parent PLUS loan borrowers find themselves in a harder spot.
They're not able to take advantage of some of these income-based repayment programs like SAVE.
unless they consolidate their loans.
But in consolidating their loans, they are then risking either having a higher interest rate than the one that they already have, or they are risking losing out on some of the benefits that they have from their existing loan.
I spoke with one Parent PLUS loan borrower based in New Jersey, and he said that what's been so difficult about this period of time is that he and his wife have
had done everything right.
They had consolidated their loans.
They had looked into getting the interest rate right.
And then when they've looked at these new programs coming out, like changes to PSLF or the SAVE program debuting, a lot of student loan borrowers are really excited, especially after the promise of forgiveness was thrust away after the Supreme Court decision.
And people like Howard are still left wondering, okay, well, what am I supposed to do?
Do I just pick up where I left off and things are just as bad as they were before?
And unfortunately, the answer is sort of, yeah, just do that.
There is a loophole in the consolidation process that does allow borrowers to remove what student loan servicers see as the parent tag from their loans.
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