<p>Is there any way to reduce the amount of loans my parents took out from Parent PLUS loans after receiving the money? Can we give a portion of it, the unneeded amount, back to the lender? I know this is probably a stupid question, but I need to know.</p>
<p>Any help is appreciated!</p>
<p>It’s a rhetorical question, but you can repay the excess at any time.</p>
<p>I’m not sure.</p>
<p>Maybe you should ask the company that loaned the money to you, and see if they can reduce the amount.</p>
<p>Yes. But be sure that the returned money is marked for Principal reduction. Specific instructions are given in the PLUS contract. Be sure you understand the conditions and terms. Ask questions if you do not. </p>
<p>Your question is before the fact. All your questions should be answered when you apply for the loan. You can play 20 questions but until you see the contract, you will not know if you asked the right questions.</p>
<p>PLUS is disbursed in parts. But the application request is normally for the entire year. If you find that the PLUS is either not needed in part or whole for the other disbursements, your can cancel all or part of the request prior to disbursement and thus not incur the loan fee and interest. IOW, request for slightly more than think you need but take only what is really required.</p>