2020-2021 Parent PLUS Loan Adjustment Request Form-2025

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The document is a Parent PLUS Loan Adjustment Request Form for the 2020-2021 academic year, allowing parents to request changes to their PLUS loan amount. It includes options to increase, decrease, or cancel the loan and specifies that only the borrowing parent can make these requests. The form requires student and parent information, as well as instructions for submission.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Will parent PLUS Loans ever be forgiven?

This repayment plan leads to loan forgiveness after 25 years under normal conditions, but borrowers pursuing PSLF could have remaining debt forgiven after 10 years (if you still have a balance left).

How to reduce your parent PLUS loan payments?

Refinancing. If you have good credit and enough household income to qualify, you may also be able to refinance your Parent PLUS loan to a lower interest rate through a private lender, which can potentially save you money.

Can you adjust your parent PLUS loan?

The borrower should complete a Federal Direct Parent PLUS Adjustment Form to reduce or cancel a Parent PLUS loan. To avoid complication with the return of funds, we recommend that you submit the form to our office for processing well before the funds disburse to the students account.

What is the loophole for parent plus borrowers?

In addition, parent PLUS loans arent eligible for some other types of federal student loan forgiveness programs. To get around this, some borrowers go through two or more federal consolidations to hide the origin of the loans, then request an IDR plan. This process is often called the double consolidation loophole.

Are parent PLUS loans forgiven after 20 years?

Parent PLUS Loans can be forgiven when you retire Parent PLUS Loan borrowers can have their debt forgiven after 10 years of working full-time for the government, nonprofit, or other qualifying employers.

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Do parent PLUS Loans ever go away?

There is no forgiveness available to Parent PLUS Loan borrowers looking to retire. Remember that Parent PLUS Loan forgiveness is only possible through the Income-Contingent Repayment Plan or PSLF after first consolidating your Parent PLUS Loan into a federal Direct Consolidation Loan.

Are parent PLUS Loans forgiven when you retire?

Student loan forgiveness by loan type In general, you must have a Direct Loan to qualify for loan forgiveness after 20 years. These loans are issued directly by the U.S. Department of Education. The specific type of Direct Loan, though, can affect how the process works.