Most of what you read online about student loans tends to focus on struggling college graduates who can’t repay their debt. Difficulty finding a job, the costs of living like rent and a vehicle competing for those income dollars, and insanely high loan balances upon graduation, combine to make repayment seem beyond reach.
But what about their parents? We hardly ever hear about the moms and dads who are stuck repaying Parent PLUS Loans for children that they put through college. According to an article on the web site Student Loan Hero, Parent PLUS loan debt currently stands at about $77.8 billion.
On top of that, these loans have the highest interest rates among all federal student loans. For the 2017-18 school year, the rate is 7.0%, and older Parent PLUS loans could have rates above 7%.
So in this episode of the podcast I wanted to talk about what parents can do to fit their loan payments more affordably into their finances.
In this episode, you will learn about:
- Repayment options that track with your income
- Loan consolidation and refinancing
- Wiping out loans in 120 payments if you work in the public sector or for a charity/nonprofit