<p>We were offered $18,000 parent plus loan for the academic year 2010-2011
Since our income is low, we wont be able to make repayment for this loan during my daughter's education. It would be ideal if we could start making repayments after she graduates from college.
Is this possible with federal parent plus loan? to start repayment after my daoughter graduates from college?
please help me!</p>
<p>Didn’t you already ask this on another thread?</p>
<p>Yes, you can defer until after your child’s graduation. But, does that mean that you’re expecting her to pay for the Plus Loan? Won’t she have full Stafford loans to pay back?</p>
<p>Also, keep in mind that you may qualify for the first year, but since you’re low income, it’s likely that you won’t qualify for the Plus Loan for years 2, 3, or 4. Then, what would you do?</p>
<p>If you’re low income, then you can’t likely afford (or qualify for) about $80k in loans. And, a new graduate like your daughter won’t be able to afford to pay that much either - especially if she’ll have Stafford loans.</p>
<p>Students shouldn’t borrow more than Stafford loans.</p>
<p>Ok…I see you’ve said this on another thread…</p>
<p>everyone: We are borrowing $25,000 for the first academic year of Pratt. My daoughter is already looking for a roommate and she is very excited right now…which makes me sad. On tonight’s dinner, she told me how she envies rich kids. Her best friend just decided to go to RISD without scholarship offered. sigh I would feel bad if I told her not to go to Pratt.</p>
<p>We recieved subsidized, unsubsidized stafford loan, perkin’s loan, and the parent plus. Parent plus was the biggest loan which was $18,000.</p>
<p>We are not going to be able to make repayments now. We are going to make repayment after she graduates from college. Hopefully, my D’s income help the repayment.
Her major is industrial design. And she is very talented.*</p>
<p>Your daughter is going to owe over $30k at graduation in Stafford and Perkins loans. Why would you think that she could afford to help repay your Plus loans (which would be about $80k)? That is just overly optimistic. Those Plus loans will be YOURS and she won’t likely be able to afford to pay for them because she’ll be busy trying to pay for her own loans and living expenses. </p>
<p>Again, if you’re low income, it’s doubtful that you’ll even qualify for the Plus loans offered for years 2, 3 & 4. You would have to qualify each year, and each year you’d have more and more debt. After the first year, you’d be overextended.</p>
<p>I realize that your D is talented, but how much do you think she’ll be earning when she graduates?</p>