Can Parent PLUS loans qualify for PSLF forgiveness after 25 years in nonprofit?

Yes, Parent PLUS loans CAN qualify for PSLF, but there's a specific process. You need to consolidate the Parent PLUS loans into a Direct Consolidation Loan first, then enroll in an Income-Contingent Repayment (ICR) plan - that's the only income-driven plan available for Parent PLUS loans after consolidation. You'll need to make 120 qualifying payments (10 years) while working full-time for a qualifying employer. Since you've been in nonprofit for 25 years, you've got the employment part covered! Just make sure your employer qualifies and you get your Employment Certification Forms completed.

OMG the FAFSA delay is HORRIBLE this year!! We're in the same boat - making last minute decisions. My son's school needed his info like yesterday and we're still waiting on the SAI score. Good luck with the loan decision!

I successfully got my Parent PLUS loans forgiven through PSLF last year! Here's what I learned: 1. Parent PLUS loans MUST be consolidated into a Direct Consolidation Loan 2. You can ONLY use the Income-Contingent Repayment plan (not PAYE or REPAYE) 3. The 120 payments must be made while YOU (not your child) work for a qualifying employer 4. Your payments must be on-time and meet the full amount due 5. You must submit the PSLF form annually to certify your employment The tricky part is that Parent PLUS loans often have higher interest rates, and the ICR plan isn't always as generous as other income-driven plans. But if you're committed to nonprofit work, it's definitely worth it.

Parent PLUS loans arent worth it IMO!! The interest rates are CRAZY high compared to direct student loans. My daughter took out federal direct loans in her own name and I just help her pay them. The rates are better and there are more repayment options. parent plus loans are tough to get forgiven, had a friend who tried for years and ended up paying the whole thing off before it happened

I have a slightly different situation but might be helpful - I took out Parent PLUS loans for my two kids and then consolidated. Originally, I wasn't eligible for forgiveness, but with the PSLF waiver that happened during COVID, some of my previous payments started to count! The rules keep changing so make sure you're getting the most current info.

Have you called Federal Student Aid to ask about your specific situation? I was getting nowhere with my PSLF questions until I finally got through to a specialist who actually knew the program. waiting on hold for 3+ hours wasn't fun but worth it to get real answers

One important thing to note: PSLF requires 120 qualifying payments, which means 10 years of payments. Since you mentioned you've been in nonprofit for 25 years, you should know that unfortunately, those years don't count retroactively - only payments made after October 2007 (when PSLF began) and only after you've consolidated into the right loan type and repayment plan. The clock starts ticking once you have the right loan setup and make qualifying payments while working for an eligible employer.

Also, if you're considering PSLF, make sure your employer is truly eligible. You need to work for a government agency, a 501(c)(3) nonprofit, or certain other nonprofits that provide qualifying public services. Not all nonprofits qualify! You should submit the PSLF Employment Certification Form as soon as possible to confirm your employer's eligibility before making any loan decisions.

BE CAREFUL! I got Parent PLUS loans for both my kids thinking they'd qualify for forgiveness since I work for the state government. But I didn't realize I needed to consolidate them AND switch to ICR. By the time I figured it out, I'd made 3 years of payments that didn't count toward forgiveness. Read ALL the fine print!!

Wow, this thread is incredibly helpful! I'm also a parent dealing with the FAFSA delays and trying to figure out loan options. One thing I want to add - if you're considering Parent PLUS loans for PSLF, you might want to talk to a financial advisor first to run the numbers. With the higher interest rates on Parent PLUS loans (around 8.05% as someone mentioned) and the fact that ICR payments can sometimes be higher than standard repayment, you need to make sure the math actually works out in your favor over 10 years. Sometimes it's better to help your child pay their Direct loans at the lower rates, especially if they might also pursue forgiveness in their own careers. The key is running scenarios for your specific situation before committing to any loan type!