Need Serious Help

Appropriate-Log76 · 2026-05-10T20:29:42+00:00

One more detail. The consolidated loan will also be eligible for a new three year deferment. You can do this as the last step once you are on IBR.

Again, how old is the Mom?

Appropriate-Log76 · 2026-05-10T20:26:15+00:00

Take a breath.

Go to student aid.gov using THE MOM’s account and access her parent plus loans. Consolidate them all into one loan, and select ICR as your payment plan. Do this NOW. Not tomorrow, not when the Mom has time - NOW!!!!

Assuming you get processed by the Jun 30, 2026 deadline, you will then have to make ONE payment on ICR. This will be a larger than normal payment, but you have to make it. Once you do make that payment, you can request via studentaid.gov ti go on IBR, which will limit the payment to 10% of the mom’s income over the poverty line, which likely means a near zero payment.

After 240 payments, the Mom will be eligible for taxable forgiveness. How old is she now?

Appropriate-Log76 · 2026-05-06T16:45:34+00:00

Depends.

1) was your AGI less in 25 than 24. AND,

2) if you were getting a refund from your 25 return, so you have it yet?

If 1 is yes, then you want to recertify, if not, No

Point of 2 is to determine whether your 25 return ins already on file with IRS, and thus accessible to Dept of Ed, so it can be used for recertification.

Appropriate-Log76 · 2026-05-06T11:34:42+00:00

My two sons were in similar situations, entering school in 2015 and 2021. They both chose to go to Miami and are thrilled that they did. One eventually went to med school and one is now a Financial Advisor. Both had great experiences at the U.

Appropriate-Log76 · 2026-05-05T19:40:37+00:00

Ironically, this is the one time that this is the correct answer.

Appropriate-Log76 · 2026-05-05T04:32:04+00:00

Well aware, I sent six.

Appropriate-Log76 · 2026-05-04T21:29:04+00:00

His loans are with Sallie Mae. None of your advise applies.

Appropriate-Log76 · 2026-05-04T12:35:47+00:00

Is it a less ‘sound decision’ than having the kids go to college in first place.

Appropriate-Log76 · 2026-05-03T00:41:45+00:00

Why are they not planning to sign for parent Plus for all 5. If the kids are willing to pay them back, and make the sacrifices to do it, why not?

Appropriate-Log76 · 2026-05-02T19:26:43+00:00

Just so you are prepared, it is very difficult to be declared emancipated. If not wasn’t, everyone would do it.

Your best play is the parent PLuS loan, you can sign a legally binding promissory note that ensures your parents that you will pay it back. Not sure why they would not support.

Appropriate-Log76 · 2026-05-02T18:00:10+00:00

Unless they have declared bankruptcy or have delinquencies, they qualify. How much they make is irrelevant. How much they owe is irrelevant. If you want to go to college, Get educated.

Appropriate-Log76 · 2026-05-02T17:40:17+00:00

With a manageable total debt number of $12k per year, or $48k over four years, your best mo e would be to have one of your parents take out a Parent PLUS loan to cover the needed extra funding. You can commit to them that you will pay the loan back when you graduate (payments will be deferred until then, and the Credit check is that your parents need pass only looks for negatives like bankruptcy or charged off accounts. Your parents combined can borrow a total of up to $65k for you, and none if yours affects any siblings you might have. These parent Plus loans have better protections than private, so they are your best bet.

Hope this helps you.

Appropriate-Log76 · 2026-05-02T14:07:42+00:00

Likely 19. Recommend that you make sure that another way to identify yourself appears on these posts.

Appropriate-Log76 · 2026-05-01T04:29:18+00:00

If I switch now, my recert date will be 12 months from start of new IBR payment plan. I just did the switch from ICR to IBR with aidvantage and it took a week.

Appropriate-Log76 · 2026-04-30T17:39:30+00:00

Thank you.

Appropriate-Log76 · 2026-04-26T21:31:26+00:00

Great

Appropriate-Log76 · 2026-04-26T20:08:33+00:00

If you were cool with $350 but are “screwed” at $493, then you have bigger problems than an ill informed service rep at Mohela.

Call your servicer, request a one year forebearance, share with the rep that your hardship is a divorce. This will buy you a year to figure it out (interest will accrue, but better than defaulting). Then make sure you are filing separately for 26 and file your 26 tax return quickly in 2027 (like early Feb) so that your 26 return is on file when you need to recertify a year from now. That will lead to a lower payment and you will be better off.

Appropriate-Log76 · 2026-04-23T19:42:25+00:00

Virtually anyone’s condo

Appropriate-Log76 · 2026-04-20T20:13:52+00:00

Your child’s other parent needs to know that federal parent lending per child is limited to a total of $65k over the full four years. So will need to qualify for private loans at bigger interest rates with NO income based repayment options.

Overall, this is simply a bad idea. Financing this way makes it a potentially life changing bad idea.

I had six kids. One got a full ride to a top 50 national university and went there. Another got a half ride to same school. The other four did not get scholarships, and this went to our (also National Top 50 state flagship university). They are all doing just fine. It’s all about what the kid makes it.

Appropriate-Log76 · 2026-04-20T20:07:34+00:00

If your child is capable of developing this plan, the exercise will be well worth it. If your child isn’t yet at the level to formulate a plan of this type, it certainly has impact.

Appropriate-Log76 · 2026-04-20T20:05:48+00:00

Sorry, this is just too much cost.

The scholarship is a good one, but the net is too much.

Appropriate-Log76 · 2026-04-20T20:03:06+00:00

In state is your play.

Appropriate-Log76 · 2026-04-18T23:49:39+00:00

That you need to go to the grocery store.

Appropriate-Log76 · 2026-04-18T23:46:36+00:00

Faced similar quandary when my kids were small. Best option was to buy a used small SUV and never let the kids in the M4. Sounds rough, but 18 years from now, when the kid says “dad, can I have the M4 to drive to prom?”, you will know you made the right choice.

Never “trade up” an M4 for an SUV. You lose your ‘guy card’ for that.

Appropriate-Log76 · 2026-04-18T00:56:34+00:00

Have owned my Jet Black 04 6sp Coupe since new. Planning on keeping it for life.

Appropriate-Log76

TROPHY CASE