My parents are eligible credit wise for the parent plus loan as far as I know, however, they are both disabled. I’m not sure how that would work, because I was reading that you can erase your parent plus loans if you prove you are disabled. That would make no sense to give them a loan that they are eligible to cancel? Are they even eligible for the parent plus loan? Also, assuming they are, would it be able to be deferred until after I graduate?
The question is not can they apply and get the PLUS…the answer to that is probably yes.
BUT think very carefully about putting your parents in that position. If they are disabled, they likely have limited income. Taking out loans for you to attend college should be very seriously considered…VERY.
How much in loans do you need?
You should not be taking a parent plus loan from the perspective that you can have it discharged. Having a loan discharged is not as simple as you think. Given the current political climate I would not be surprised to see any kind of loan being eligible for discharge.
Remember you have to think about how to feel nance college over the course of 4 years. If you need a parent plus loan to make this school happen, you need to look at more affordable options
Any loans they’re taking out will be paid by me. I have a stable job; it’s just at the moment I am 23 and cannot classify as a independent for the increased loan amount. I’ve no intentions of having them discharged, either. I was simply wondering if we’re still eligible based on that, or if they’re exempt because of the ability to discharge it.
As of now, I’m not 100% I even need it; it’s just a contingency plan.
It does not matter if all loans will be paid by you. The debt will be in your parents name and that is who they are going to collect from even if it means garnishing their SS wages. Are your parents totally and permanently disabled (the department of ED has a different disability determination- minimally they will have had to have been disabled for at least 5 years)
We realize you plan to pay off those loans… but if something happens to you and you can’t continue paying… guess who the banks will go after? Even should you die…
Well, like I said, I highly doubt I’ll need to take out this loan. If I do, I think it’ll only be for a few grand at the very most. My father is willing to take out a small amount if we need to, given that I pay it back. I’m actually pretty sure I have it covered in full. I think there was a misunderstanding earlier in that I was saying I wanted to get them to discharge it after getting it; that’s not what I meant at all. I was asking whether they’d even qualify because of their ability to be able to discharge the loan as it stands.
If you only need a small loan, talk with your bank or credit union. Since you have a stable job, it might not be very difficult to get a small personal loan.
You also can ask the financial aid office at your college/university to reconsider your aid package. They have a certain amount of professional discretion, and might be able to determine that your parents’ disabilities qualify you for the independent student loan amount.
If you were born in 1995, wouldn’t you be considered to be 24 and independent for FAFSA for the 2018/19 school year?
If they get a loan while they’re disabled, they won’t be able to have it discharged. You can only get it discharged if you become disabled after having taken out the loan.