Parent PLUS loans while repaying my own student loans - will payments start immediately?

Parent PLUS loans generally enter repayment as soon as they're fully disbursed, unlike student loans that have a grace period. However, you can request a deferment while your son is enrolled at least half-time. This would allow you to postpone Parent PLUS payments until he graduates or drops below half-time status. The loans cannot be combined with your existing student loans since they're different loan types under your name.

my sister got a parent plus for my niece last yr and she said u HAVE to start paying right away!! but idk maybe she didnt know about the defermint thing the other person mentioned?? but either way the interest is crazy high compared to regular student loans, like way higher than what my daughter has

I've been in your EXACT situation and it's tough! Yes, Parent PLUS loans start repayment about 60 days after final disbursement, BUT you can request deferment while your child is in school. Here's what I did: 1) Called and requested the in-school deferment (wasn't automatic!) 2) Set up an income-contingent repayment plan for my own loans to lower those payments 3) Started putting small amounts aside each month during the deferment to prepare for when PLUS payments would eventually start ALSO - look into whether your son can take out additional unsubsidized loans in HIS name instead of you taking all PLUS loans. This saved me about $6,000 in PLUS loans my first year.

One important consideration: Parent PLUS loans have much stricter repayment options than student loans. If you encounter financial hardship, your options for income-based repayment are more limited. You'd need to consolidate the PLUS loans into a Direct Consolidation Loan to access the Income-Contingent Repayment plan, and even then, the payment calculations are less generous than the plans available for student loans. Also worth noting: Parent PLUS loans require a credit check, while federal student loans don't. If you have adverse credit history, you might need a co-signer (called an endorser) to qualify.

My dad took out PLUS loans for me and regretted it because of the high interest. Have you considered asking your son to take out private loans instead? My friend got one from Sallie Mae with his grandparent as cosigner and got a better rate than PLUS.

I spent HOURS trying to reach someone at Federal Student Aid when dealing with this exact issue last year. Their phone system is the worst! After getting disconnected 3 times and waiting on hold for over 2 hours, I found a service called Claimyr that got me through to an actual FSA agent in less than 30 minutes. They helped me set up the deferment and explained all my options. Seriously saved my sanity - check out their demo video: https://youtu.be/TbC8dZQWYNQ or their website claimyr.com. Worth it just to get real answers about your specific situation from an actual FSA agent.

have u looked into the CSS profile scholarships? my niece got extra money from her school that way and it reduced how much my sister needed to borrow. sometimes schools have extra aid that doesnt show up in the regular fafsa stuff!!

Another option to consider is the Parent PLUS Loan Double Consolidation Loophole. It's complex, but essentially you can consolidate your PLUS loans twice to make them eligible for more favorable income-driven repayment plans like SAVE or IBR, which are normally not available for Parent PLUS loans. This could significantly reduce your monthly payments based on your income. The process involves: 1. Splitting your PLUS loans into two Direct Consolidation Loans 2. Reconsolidating those two loans into a final Direct Consolidation Loan 3. Applying for an income-driven repayment plan It's completely legal but requires careful timing and understanding of the process.

DONT DO IT!!!! I took out parent plus loans for BOTH my kids and now I'm 61 and STILL paying them off!!! My retirement is RUINED because of these predatory loans!!!!! The interest is INSANE and they NEVER go away!!!!!

Thank you everyone for all the helpful advice! Based on your suggestions, I'm going to: 1. Look into additional unsubsidized loans my son can take in his name first 2. Ask the financial aid office about any additional CSS Profile-based aid 3. If I do need to take Parent PLUS loans, I'll definitely request the in-school deferment 4. Research that consolidation loophole more (that could be a game-changer!) I really appreciate all the perspectives - both positive and cautionary. It's given me a lot to think about!

Just wanted to add one more thing that helped me - make sure to exhaust ALL other options before going the Parent PLUS route. I wish I had known to appeal my son's financial aid package first! We wrote a letter explaining some unexpected medical expenses we had, and the school actually increased his grant aid by $3,500. Also check if your employer offers tuition assistance programs - mine reimburses up to $2,000 per year for dependent children's education. These smaller amounts really add up and can reduce how much you need to borrow. Good luck with whatever you decide!