Hello Heather,

I realize people have posted before asked about Parent Plus loans but wanted to ask my own question: is there any reasonable way to pay down a Parent Plus Loan or any repayment plan that does not greatly cripple ones standard of living?

I went to NYU and my dad took out two private parent plus loans: one from Sallie Mae and one from Great Lakes. The loans total around 185,000. But since 2010 (the loans have been in forbearance due to my father being unemployed) the loans have earned more than 40,000 in interest about 50 a day and 1,200 a month. I’m not positive what to do as I’d like to start paying them back but cannot alone afford the payments with my father being unemployed. I called one of the loan providers and they suggested a 25 year plan however the payments combined would be crippling just based on my salary…

Is there any way I or we can receive an income based repayment plan or something to start chipping away at the 25 years? Any and all advice would be greatly appreciated.

Thanks,
Tony

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