Do you have a relatively new student loan? If so, it’s likely that you are wondering about the parent plus program. This article will break down the basics of what this program is, what the eligibility requirements are, and answer some frequently asked questions.
What is the parent plus program?
The parent plus program is a federal student loan forgiveness program that provides federal student loan repayment assistance to certain parents of undergraduate and graduate students. Eligible parents are expected to serve as the primary source of support for their children. The child will be classified as a dependent, and eligible for financial aid, including loans and grants, regardless of age.
The parent plus program is an initiative sponsored by the United States Department of Education in order to assist students struggling with loans. It allows a parent to file for loan forgiveness on behalf of their children and offers immediate relief as well as long-term help. While it cannot be used to discharge private loans, it is possible to receive repayment assistance from the student loan forgiveness program.
Eligibility requirements for the parent plus program
The Parent Plus loan forgiveness program was created to help families who are trying to pursue their educational goals. This program’s eligibility requirements vary depending on the type of Parent Plus loan that is being sought after, but typically, one parent’s income and assets must be below certain thresholds in order for the student to qualify.
To be eligible for Parent Plus, a student must: 1.) Have a child under age 23 who is enrolled in school or is permanently disabled; 2.) have a parent who has not received PLUS loans for their dependent children; 3.) have no outstanding Direct loans; 4.) owe at least 12 months of consecutive on-time payments on their current loan.
Frequently asked questions about the parent plus program
If your parents are borrowers, you may be able to help them repay their loans. The Parent Plus Loan Forgiveness program allows parents and legal guardians of dependent undergraduate or graduate students to reduce their outstanding loans, without losing eligibility for future federal student aid.
A parent plus student loan forgiveness program is designed to reduce your outstanding student loan balance while you are in school. But this is not the only way maximum loans which can be borrowed by parents, dependents and legal guardians are reduced.