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When a payment plan through the university — while their child attends school — isn’t adequate, it’s often the case that parents decide to take a parent loan. See: 4 Red Flags as You Check ...
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The Hill reported in June that, according to the latest data from the Department of Education, parents of 3.6 million students owe more than $107 billion in Parent Plus loans as of March 2022.
The new extended student loan repayment plan will result in 30 years of not even making the principal payment.
The federal forbearance pandemic pause — enacted in 2020 and expiring December 31, 2022 — gave many borrowers, especially parents still paying off their own student loans along with ParentPlus ...
In 10 years, the loan program experienced 230% growth in the loan portfolio and 130% growth in the loan recipients. Student loan debt in 2019 is the highest it has ever been. According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15]
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