Parents who are financially supporting their children’s education by cosigning their student loan debts may want to try the following options, especially if they are already having difficulty making their monthly payments.
- Parents who are struggling to pay their “PLUS Loan” monthly dues may want to use the “income-contingent repayment plan” in order to adjust their monthly payments so that they don’t exceed 20 percent of their income.
- Parents may want to pay the total of their children’s student loan debt by acquiring loans offered by private lenders with lower interest rates compared to the “PLUS Loan.”
- Lastly, parents may want their successful children to pay their student loan debt. Parents’ credit scores often improve if the student loan debt that they have cosigned for their children is detached from their name.
Another option to relieve parents of their child’s student loan debt is to work with a skilled lawyer. Find out how a lawyer from the Greenway Bankruptcy Law, LLC in Birmingham may possibly help you with your financial troubles today by calling (205) 324-4000.