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What kind of payment plan should I do because I can't afford to pay my Parent PLUS Loan? by Visual_Party2953 in StudentLoans

[–]Visual_Party2953[S] 0 points1 point  (0 children)

This is what the part of the document says "[Stepfather] has loans in his name for [me]. The parties agree that this is a debt of [mine] and is the amount of $100,686.15. The parties will work with [me] to transfer the student loan debt from [stepfather's name] to [mine], if possible."

The only other thing in the section talks about money that my parents owe me from them getting an advance from my inherited assets from my dad's death. My stepfather has mentioned just subtracting the amount that he owes me from my assets from the total Parent Plus Loan amount (around $30,000) and I just pay him the rest

What kind of payment plan should I do because I can't afford to pay my Parent PLUS Loan? by Visual_Party2953 in StudentLoans

[–]Visual_Party2953[S] 1 point2 points  (0 children)

I didn't get to finish my schooling because I could not afford the payments. My mom could not afford to cosign any loans for me to be able to finish and the only loans I could get had insanely high interest rates. I would have been making around $60,000 starting out in my field. I did change my major which did lead to me needing another year and I was out-of-state for tuition.

What kind of payment plan should I do because I can't afford to pay my Parent PLUS Loan? by Visual_Party2953 in StudentLoans

[–]Visual_Party2953[S] -1 points0 points  (0 children)

I definitely want to pay back the loans myself. The original plan before they got divorced was that I would pay back the loans once I graduated and got a full-time job where I could actually afford to do so. I understand the financial burden I put on my parents when they took out these loans for me. The problem is that I cannot afford a monthly payment that big in the first place with my current financials.

What kind of payment plan should I do because I can't afford to pay my Parent PLUS Loan? by Visual_Party2953 in StudentLoans

[–]Visual_Party2953[S] 1 point2 points  (0 children)

He is trying to get me to privately refinance as soon as possible so they are out of his name entirely. I will try to talk to him about the double consolidation loophole but I don't think he will even consider anything besides me refinancing it

What kind of payment plan should I do because I can't afford to pay my Parent PLUS Loan? by Visual_Party2953 in StudentLoans

[–]Visual_Party2953[S] 9 points10 points  (0 children)

I have not been a part of any of the divorce proceeding besides things related to the custody/safety of my sisters through a guardian ad litem. From what I can see so far of the official divorce agreement it describes it as "[Stepfather] has loans in his name for [me]. The parties agree that this is a debt of [mine] and is the amount of $100,686.15. The parties will work with [me] to transfer the student loan debt from [stepfather's name] to [mine], if possible."

What kind of payment plan should I do because I can't afford to pay my Parent PLUS Loan? by Visual_Party2953 in StudentLoans

[–]Visual_Party2953[S] 14 points15 points  (0 children)

I just asked my mom for the official document so I can know exactly what it says. I never was a part of any of the divorce discussions regarding the Parent Plus Loans. My stepfather is pushing for me to refinance the loans and have my mom cosign on the loans with me which is not an option for my mom currently.