Parent PLUS debt... do my parents need to sell our house?
Actually YOU dont have a problem at all...your parents do. They
Actually YOU dont have a problem at all...your parents do. They have chosen to live beyond their means and will end up suffering the consequences. These are federal loans and they have to be paid. Are both parents on it?? If so and the loan defaults, the loan guarantor will be able to garnish your fathers social security and 15% of your mothers wages. They basically owe another mortgage payment and even calculating a Direct Loan Consolidation Payment, they would still be looking at a payment of approximately $700 per month.
SoapLady, Thanks so much for answering. I'm pretty sure I still
SoapLady,
Thanks so much for answering. I'm pretty sure I still have a problem, though. I'm going to have to take out a private loan at this stage to finish up school (hopefully my sister and I will both be graduating next spring). But I know for a fact with my major/grades/experience, I won't be able to get a "real" job unless I go to grad school, which I know I'll have to pay for myself.
The loans are in my dad's name only... my mom thought if she put them that way, he would get a job... really manipulative I know. My dad has never had to work a low-end job since college and would rather do nothing, so if they do default... well, at least I can't say I didn't try and stop them.
How old are you now?? Over 23? And are you at a state school?
How old are you now?? Over 23? And are you at a state school? If you are over 23 you would qualify as an independant for financial aid which should cover all your costs.
I will be 23 next month, and am going to a state school but out
I will be 23 next month, and am going to a state school but out of state. So unfortunately I'm not yet considered an independent.