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Parent Plus has left me with no options??

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Joined 2016-08-30

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I am 23 years old and I have about $98,000 total in student loan debt. I have federal loans that I am paying for my undergraduate degree. These loans were taken out in my name. They total around $28,000. I just applied for the public service forgiveness program because I am a social worker and employed at a non-profit agency full time. So I will be paying the full 10-year (120) payments in order to get the remainder of my loans forgiven. The loans are also now affordable because I have applied for the income-based program, which now allows me to pay them back at a reasonable amount. Around $200 a month. This plan is working for me.

However, the problem that I currently face is that my father also took out Parent Plus loans in his name when I first started college. I started college at 17, so he told me I wasn’t allowed to take out loans until I turned 18. (Not sure if this is true, but this is what happened). He continued to take out these loans in his name the next few years and never switched the loans over to my name .Therefore I am left with parent plus loans totaling around $70,000. He is not paying of these loans and never offered to- I am left to pay the loans. After doing my research, it seems like I have no way to move the loans from my father’s name to my name. This is a big problem because now I cannot consolidate these loans with my federal loan, or have these loans based on my income-driven plan or apply these for my public service forgiveness plan and have them forgiven after 10 years. Is there any possible way that I can transfer the loans to my name? It seems like he made a mistake taking the Parent Plus loans out. However, I can’t afford to pay this amount back without some kind of plan that fits my low salary. I can’t afford to move out, and I can barely afford cost of daily expenses. He is charging me $1,000 a month to pay him back for the loans and is not able to compromise with any other monthly repayments I suggest. This takes almost by whole monthly salary. What would you recommend? I’m in desperate need of help. Thanks so much.
-Brooke

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Total Posts: 5

Joined 2019-06-18

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