You wanted to support your child by paying a large part of the costs of his bachelor's education. After all, the Stafford loan limits only allowed your son or daughter to withdraw a mid-four-figure amount each year. The aid agency marketed Parent PLUS as a source of federal government loans that would cover all costs of attendance. You may not have thought about how you would pay off the Parent PLUS loans until recently.

Unfortunately, I have seen many families where the parents owe a huge amount of money on Parent Plus loans and it is getting in the way of their retirement goals. If you need to pay off Parent PLUS loans after financing your child's education, the good news is that you have more options for paying them back than you think. I'll highlight the four best strategies I've seen for getting parents out of Parent Plus student loan debt.

I'll highlight the four best strategies I've seen for getting parents out of Parent Plus student loan debt. The strategies are:

Using PSLF for Parent PLUS Loans
Refinancing parent plus loans only in your name
Refinancing parent plus loans only in your child's name
Going for parental and loan forgiveness as a retiree

If you have no retirement income other than Social Security, your student loan debt is likely to be $0

If we were just talking about a single parent living off one Social Security salary, then the payment is most likely 0.

Blog post with more info on this topic: https://www.studentloanplanner.com/pay-off-parent-plus-loans/
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